In Thursday’s trading session in the local markets, the Top 40 closed the day down by 0.13%, the Resources 10 sector went down by 0.59%, the Financial 15 went down by 0.03%, and the Industrial 25 went up by 0.11%. The rand traded at R17.08 against the dollar, R20.92 against the pound, and R18.64 against the euro. Yesterday, the oil price fell for a second week in a row as the boost to commodities from China's reopening began to wane and the timing and extent of the nation's economic recovery remained highly uncertain.
In company-specific news, Gold Fields received a bill for back taxes on their three mining operations in Ghana. The miner stated that the amount is "nowhere close" to the one given to MTN last month and that they will work with the authorities to dispute it. The amount has not been disclosed.
Anglo American Platinum, Kumba Iron Ore, and Anglo American PLC released production updates for the fourth quarter, which ended on December 31, 2022 yesterday.
Impala Platinum released an update on their half-year production for December 31, 2022, Hudaco Industries released an update on their annual results for November 30, 2022, and DRDGold Limited released a voluntary trading update for the half-year that ended on December 31, 2022.
In the US, Meta Platforms Inc. had a very strong trading session yesterday and the share price ended the day up 23.28%.
Figure 1: Meta Platforms Inc. - historical chart
The most important economic data event to watch for is the print for Non-Farm Payrolls at 15:30 local time.
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