In Monday’s trading session in the local markets, the Top 40 closed the day up by 1.91%. The Resources 10 sector went up by 2.35%, the Financial 15 went up by 3.58%, the Industrial 25 went up by 1.07% and lastly the South African Listed Property index up by 2.34%. The Rand traded at R16.15 against the United State Dollar, R21.48 against the Great British pound, and R18.19 against the Euro. The local markets have rebounded as the concerns over the new variant of Covid-19. Royal Bafokeng Platinum has had a 16.53% spike in the price following an announcement that Impala Platinum is looking to purchase all of the issues of the company. After the closing bell, Aspen announced that it is in advance discussions for a possibility of a licence agreement to produce and sell a Covid-19 vaccine in Africa. Lastly, FirstRand Limited issued a trading statement with regards to an expected increase in earnings, EPS and HEPS.
Figure 1: Royal Bafokeng Platinum one week chart
On the commodities front, the Brent Crude oil is trading at $71.13 a barrel and WTI Crude oil is traded at $67.82 a barrel. Gold Spot price is currently trading at $1791.70, Platinum Spot is now trading at $955 and lastly, Palladium Spot price is at $1801. The oil price took a knock over concerns of the new Covid 19 strain.
Across the globe, the S&P 500 closed the day up 1.59%, Dow Jones closed up 0.93% and the Nasdaq had a 2.03% climb. The FTSE 100 closed up 0.98% and the DAX was up 0.16% and CAC40 was up 0.54%. In the Asian markets, the Nikkei 225 is down 1.63% and the Hang Seng is currently down 1.71%. U.S. stocks closed lower on Friday, The Moderna CEO sited that the new Covid 19 variant may need a new vaccine which may take a few months to produce. Furthermore, the Federal Reserve chair Jeremy Powell said the “recent rise in Covid-19 cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation.”
Things to look out for today in the trading day: German Unemployment change (Nov) at 10.55 am, Eurozone Consumer Inflation Expectation (Nov) at noon.
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