In the yesterday’s trading session in the local markets had a strong move up across the sectors, with the Top40 close to 2% up. The Financial 15 and the Resources 10 closing the trading day up by 2.24% and 2.55%, respectively. A stock which was in focus was MTN after they had released their QoQ results, which were strong, to have the share price close the day up by 11.53%. For more on the results, please have a read the research. The Rand had a favorable performance against the major currencies and closed at R14.35 against the Dollar, R19.96 against the Great British Pound and R17.22 against the Euro.
On the commodities front, Copper has been in the focus for investors as the world moves into the Fourth Industrial Revolution, as the world is moving towards a more electrified society. The metal was trading around $10,000 a metric ton yesterday and it was last at similar numbers in February 2011. Furthermore, we have noted the Oil price recover to pre-Covid prices, edging towards $70 a barrel, despite the data released yesterday showed crude stockpiles contracted by nearly 8 million barrels last week.
Figure 1: Brent & WTI oil comparison charts - Infront
Across the globe, vaccine makers such as Moderna Inc., BioNTech and Novavax Inc. fell after the news that the U.S. is in support for a proposal to waive intellectual-property protections for Covid-19 vaccines. The world’s most richest man has sold about $2,5 billion of Amazon.com, in addition to the $10 billion worth of shares in 2020. The S&P500 was relatively flat, up 0.07% at the end of the trading session yesterday. The FTSE 100 was up 1.68%, Nikkei 225 to was up 1.8% and the Hang Seng is currently up 0.7% at the time of writing this note.
Things to look out for today
In the local market, we have had a number of listed companies release their QoQ results this morning from companies such as, Anheuser-Busch InBev, Sibanye Stillwater and Gold Fields. In international markets, results are expected from Moderna Inc., Nintendo, ViacomCBS and Kellogg.
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