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Think Daily 25 November 2022

Lesego Mthombothi Lesego Mthombothi 25/11/2022
Think Daily 25 November 2022 Think Daily 25 November 2022
Think Daily 25 November 2022 Lesego Mthombothi
The South African Monetary Policy Committee decided to increase the repurchase rate by 75 basis points to 7% per year, with effect from the 25th of November 2022, taking the repo rate to 7% and the prime interest rate to 10.5%. Mr Price released disappointing interim results yesterday resulting in a more than 8% fall in its share price. In the local markets, the Top 40 closed the day up 0.43% and the Resources 10 sector went up by 0.6%, the Financial 15 went down by 0.43%, the Industrial 25 went up by 0.59% and lastly the South African Listed Property index was down 0.62%. The rand traded at R17.02 against the dollar, R20.64 against the pound, and R17.72 against the euro. 


Figure 1:  The South African Interest Rate chart (Source: Trading Economics)

On the commodities front, Brent Crude oil is trading at $85.32 a barrel and WTI Crude oil is trading at $77.44 a barrel. Gold is currently trading at $1756.27. Platinum is now trading at $986.89 and lastly, the Palladium is at $1884.46. The oil markets remain cautious ahead of the European Union ban on Russian crude on December 5, as well as an OPEC+ meeting on December 4.

Across the globe, the United States markets will be closed as Americans celebrate Thanksgiving. The FTSE 100 was up 0.02%, the DAX was up 0.78% and the CAC40 was up 0.42%. In the Asian markets, Hang Seng is currently down 0.27%. European Central Bank policymakers agreed that the central bank should continue normalizing and tightening monetary policy to combat high inflation, even in the event of a shallow recession, the accounts of the central bank's October policy meeting showed. United Kingdom car production rose 7.4% to 69,524 units in October 2022 from a year ago. 
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.

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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.
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