Over the last week, investors were concerned with the Non-Farm Payroll numbers, which was released on the 3
rd of September 2021. The numbers for the job report were disappointing with a print of 235K when 720K was expected and thereafter, the greenback weakened. The Nasdaq, gold, and silver reacted to the upside after the event. The Nasdaq is currently still hovering arounds the all-time highs as investors are now focused on the Federal Reserve meeting which will occurring later in the month, however, due to the disappointing numbers, Federal Reserve tapering is expected at a later stage.
The local economy reported a 4th consecutive quarter of growth of the GDP and expanded by 1.2% in Q2:2021. The main contributors to the growth experienced in the second quarter was agriculture along with trade and communications, with both industries up by north of 6%. Despite the continuous growth, the economy is still 1.4% short of pre-pandemic levels. Naspers and Prosus has had a positive week, on the back of an announcement by Tencent for a share buy back for a value of $12.9 million on the 7
th of September 2021. The two stocks have moved by 6.3% and 5.54% over a space of a week.
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