In Friday's trading session in the local markets, the Top 40 closed the day down by 2.56%. The Resources 10 sector went down by 2.75%, the Financial 15 went up down 2.60%, the Industrial 25 went down by 2.41% and lastly the South African Listed Property index down by 0.51%. The rand traded at R16.13 against the United State Dollar, R19.82 against the Great British pound, and R16.96 against the Euro. Rand fell in early trade on Monday as the U.S. dollar scaled to a two-decade high amid growing concerns over slowing global economic growth and rising interest rates. In the latest local news, Sibanye-Stillwater lost R4bn in gold sales in three months. Anglogold Ashanti Limited – Q1 2022 market update report showed production flat year-on-year at 588,000oz.
Figure 1: Sibanye Stillwater Ltd 5 day share price movement
On the commodities front, the Brent Crude oil is trading at $1112.08 a barrel and WTI Crude oil is traded at $109.38 a barrel. Gold Spot price is currently trading at $1872.51. Platinum Spot is now trading at $951.61 and lastly, Palladium Spot price is at $2053.13. Crude prices rebounded Friday after key producers led by Saudi Arabia and Russia refused to lift output more than their planned marginal increase as they weighed tight supply concerns caused by Moscow's invasion of Ukraine. Gold dropped on Monday as the dollar scaled a two-decade high, making greenback-priced bullion less attractive for other currency holders, while elevated U.S. Treasury yields further weighed on prices.
Across the globe, the S&P 500 closed the day down 0.57%, Dow Jones closed down 0.30% and the Nasdaq had a 1.22% down. The FTSE 100 closed down 1.54% and the DAX was down 1.64% and CAC40 was down 1.73%. In the Asian markets, the Nikkei 225 is down 1.69% and the Hang Seng is currently down 0.94%. Wall Street heavyweights closed lower as some investors thought the strong jobs report was outweighed by worries about the path of the Federal Reserve’s campaign to raise interest rates. Chinese blue-chip shares fell on Monday as growing concerns over the economic impact of COVID-19 lockdowns weighed on investor sentiment, with new trade data reflecting soft demand. In the latest global space, China's Trade Balance increased from 47.38B to 51.12B and Britain's GDP (MoM) increased from 0.2% to 0.9%.
Things to look out for today in the trading day: Sentix Investor Confidence (May) at 10.30 am and FOMC Member Bostic Speaks at 2.45 pm.
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