Think Daily 30 June 2022

In Wednesday’s trading session in the local markets, the Top 40 closed the day down 0.38%. The Resources 10 sector went down by 0.46%, the Financial 15 went down by 1.48%, the Industrial 25 went up by 0.12% and lastly the South African Listed Property index was down by 1.18%. The rand traded at R16.22 against the United State Dollar, R19.68 against the Great British pound, and R16.95 against the Euro.  Eskom contends with multiple plant breakdowns due to labour protests over wages.  stage 6 load shedding could ultimately lead to more credit rating downgrades. South African state power utility Eskom said that there was still a high level of absenteeism among its workforce due to a strike and that it could take weeks to clear a backlog of routine maintenance work. higher-than-expected inflation data in June points to a further interest rate hike in July. 

Figure 1: Mr Price’s intraday price action 
 

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



On the commodities front, the Brent Crude oil is trading at $112 a barrel and WTI Crude oil is traded at $109.27 a barrel. Gold Spot price is currently trading at $1817.05. Platinum Spot is now trading at $916 and lastly, Palladium Spot price is at $1950. On the oil front, fears of an economic slowdown driven by central banks’ aggressive action to combat surging inflation weighed on oil markets this month.  
 

Across the globe, the S&P 500 closed the day down 0.07%, Dow Jones closed the day up 0.27% and the Nasdaq had a 0.18% climb. The FTSE 100 closed down 0.15% the DAX was down 1.73% and CAC40 was down 0.9%. In the Asian markets, the Nikkei 225 is currently down 1.54% and the Hang Seng is currently down 0.45%. Starting in the United States,  the S&P 500 heading for its worst first half since 1970. The British economy expanded 0.8% per quarter in the first three months of 2022, the lowest in a year, and line with preliminary estimates. The Nationwide House Price Index in the United Kingdom increased 10.7% YoY in June of 2022, slightly less than 11.2% in May and below market forecasts of 10.8%. Compared to May, house prices rose 0.3%, the 11th consecutive monthly increase.