After a long haul of trading on what some economists described as black Monday while others labelled PERFECT STORM in Johannesburg (JSE), oil price kick started Tuesday on right foot by retracing some of the yesterday’s losses. On Monday, the Rand traded around R15.97 at noon before closing at R15.94 to the greenback at 5 PM in Johannesburg. On Tuesday, at 14.50 the local unit was just under R15.90/$, 0.96% stronger. These come after it was reported on Reuters that Russia has signaled that talks with OPEC can still materialize. Leaders all over the globe have flashed their intentions of taking steps to deal with spreading coronavirus. U.S President Donald Trump was quoted saying ‘’ We will be taking major steps to gird the U.S economy against the impact of the spreading coronavirus’’, while Japan will spend more than $4 billion in a second package of steps to cope with the virus.
In New York, The Dow Jones was around 2.75% stronger, S&P 500 was 2.60% up and NASDAQ 100 was 2.55% up. In Asia, Nikkei was 0.85% firmer, Shanghai composite Index and Hang Seng were 1.82% and 1.42% stronger, respectively. European stocks mostly traded in the green, FTSE 100 was 1.66% firmer, DAX was 1.53% firmer and in Paris CAC40 was up by 1.65%.
The Brent crude futures which is a benchmark were 8% up while the Government bond yields also saw their way up. The local bourse rebounded remarkably along with the other exchanges across the globe, at 15.20 PM, JSE All-Share Index was 2.62% in the green while, Financials gained 2.39%, Industrials dragged in 2.91%. Resources and Top 40 were 2.46% and 2.73% stronger, respectively.
In depth
Naspers climbed 4.41% to close at R2465.95. Topping the list of gainers on the local bourse was Assore which parachuting by 81.86% to close at R314.25 following the announcement of company’s intention to shareholders to repurchase their shares at a price of R320 per share a day earlier. Mining company South32 closed 10.2% stronger at R20.09, coal producers Exxaro Resources went 8.86% up to close at R114.72.
Sappi rose 9.81% to close at R28.22. Discovery Ltd gained 5.17% to close at R100.31. After releasing their interim Financial Statements, FirstRand closed 4.52% firmer at R52.26.
As expected, after spending the larger part of the day trading positively, Sasol closed the day sharply behind Energy company Vivo Energy which closed the day 46.34% heavily weaker at R11.00 and Hospitality Property Fund shed 12.33% to close at R5.26.
Reflected on the overall Gold price, Gold producing companies experienced hobbled trading on the day, DRD Gold penned a loss of 10.1% to close at R10.41, AngloGold Ashanti descended by 9.49% to close at R297.78, while Harmony Gold shed 6.88% close at R57.75.
Commodities saw the Gold trading at $1663.86/oz, down by 1.68%, Platinum was $881.01/oz, 16% up and barrel of Brent Crude was would cost $33.3 down by 10.91%.
Looking forward to tomorrow:
Below are companies expected to release their final Annual Financial Statements unless state otherwise
ABSABank
Quilter
PEPKORH- Annual General Meeting
Ascendis
Transcap- Annual General Meeting
ABSA Group
Growthpoint
MTN Group
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