In Monday’s trading session in the local markets, the Top 40 closed the day down by 1.84%. The Resources 10 sector went down by 2.74%, the Financial 15 went up down 1.14%, the Industrial 25 went down by 1.46% and lastly the South African Listed Property index down by 0.78%. The rand traded at R16.20 against the United State Dollar, R19.99 against the Great British pound, and R17.11 against the Euro. The rand reached its weakest rate against the greenback since November 2021.
On the commodities front, the Brent Crude oil is trading at $105.44 a barrel and WTI Crude oil is traded at $102.70 a barrel. Gold Spot price is currently trading at $1860.32. Platinum Spot is now trading at $972.73 and lastly, Palladium Spot price is at $2163. On the oil front, EU members have struggled to agree on a proposed phased embargo on Russian oil, suggesting further watering down of the proposed package to accommodate requests for exemptions and concessions.
Across the globe, the S&P 500 closed the day down 3.2%, Dow Jones closed down 1.99% and the Nasdaq had a 4.29% down. The FTSE 100 closed down % and the DAX was down 1.64% and CAC40 was down 1.73%. In the Asian markets, the Nikkei 225 is down 0.58% and the Hang Seng is currently down 1.83%. Wall Street extended a sharp selloff that sent all three major averages to their lowest levels in over a year. Rising interest rates also continued to pressure technology names with sharp losses from Tesla (-9.1%), Apple (-3.3%), Amazon (-5.2%), AMD (-9.4%) and Nvidia (-9.2%). AMC reported strong quarterly performance as consumers returned to movie theatres, while Novavax missed earnings.
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