Think Daily 28 June 2022

In Monday’s trading session in the local markets, the Top 40 closed the day up 2.55%. The Resources 10 sector went up by 1.66%, the Financial 15 went down by 1.25%, the Industrial 25 went up by 4.72% and lastly the South African Listed Property index was down by 0.27%. The rand traded at R15.84 against the United State Dollar, R19.45 against the Great British pound, and R16.78 against the Euro. Yesterday, Rand Merchant Investment reported a trading statement for the company’s annual results. Furthermore, Naspers announced that the company and the subsidiary, Prosus will be selling part of the stake in Tencent and follow that by buying back their shares. The share price rocketed 22.79% by the end of the trading day. 


Figure 1: Naspers intraday share price action 
 

Please note that there will be four companies that will be going ex-div on the 29^th of June 2022, the list is below: 

 

On the commodities front, the Brent Crude oil is trading at $116.68 a barrel and WTI Crude oil is traded at $111.15 a barrel. Gold Spot price is currently trading at $1827.88. Platinum Spot is now trading at $915.50 and lastly, Palladium Spot is at $1895. Reports that the UAE and Saudi Arabia are producing near capacity, while political unrest in Libya and Ecuador threatened to tighten supply further. UAE Energy Minister Suhail al-Mazrouei said yesterday that the country was producing near-maximum capacity based on its quota of 3.168 million barrels per day under the agreement with OPEC+. 
 

Across the globe, the S&P 500 closed the day down 0.3%, Dow Jones closed the day down 0.2% and the Nasdaq had a 0.81% drop. The FTSE 100 closed up 0.69% and the DAX was up 0.52% and CAC40 was down 0.43%. In the Asian markets, the Nikkei 225 is currently up 0.66% and the Hang Seng is currently up 0.71%. Expectations that China’s economy will recover from Covid-induced lockdowns as the country’s policy turns more accommodative. Volkswagen will be in the spotlight after the Wall Street Journal reported that the company is close to selling a minority stake in its US electric-vehicle charge business to an arm of Siemens.