In Tuesday’s trading session in the local markets, the Top 40 closed the day down by 1.64%. The Resources 10 sector went down by 0.42%, the Financial 15 went down by 2.09%, the Industrial 25 went down by 2.14% and lastly, the South African Listed Property index went down by 1.62%. The rand traded at R15.78 against the United State Dollar, R19.72 against the Great British pound, and R16.61 against the Euro. In yesterday’s trading session, local markets showed a sell-off with all of the sectors closing in the red. Richemont was one of the companies of notice, with a 4.4% dip in its share price. Following the closing bell, the country's energy provider, Eskom, announced that it will be implementing load-shedding for the week.
Figure 1: CFR intraday chart
On the commodities front, the Brent Crude oil is trading at $106.24 a barrel and WTI Crude oil is traded at $103.95 a barrel. Gold Spot price is currently trading at $1869.07. Platinum Spot is now trading at $977 and lastly, Palladium Spot price is at $2274.01. As for oil, prices have come under pressure recently from worries over China’s prolonged Covid lockdowns.
Across the globe, the S&P 500 closed the day up 0.48%, Dow Jones closed up 0.2% and the Nasdaq had a 0.11% climb. The FTSE 100 closed up 0.22% and the DAX was up 0.72% and CAC40 was up 0.79%. In the Asian markets, the Nikkei 225 is on holiday and the Hang Seng is also on holiday. In the United States, the Federal Reserve is widely expected to hike rates by a hefty 50 basis points and announce plans to reduce its $9 trillion balance sheet when it concludes its two-day meeting later today. Meanwhile, Lyft offered weak guidance for the current quarter, while Airbnb expects a continued travel rebound.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Learn and earn more today.
Visit our Education Centre