Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!
Local Market Update
- Stocks on the Johannesburg Stock Exchange rose sharply Wednesday as Powell’s less aggressive remarks calmed investors’ nerves and U.S. inflation data did not come as an unpleasant surprise. Both the benchmark all-share index and the blue-chip Top 40 index closed at record highs. The former gained 2.59% to 75,885 points, while the latter closed 2.83% higher at 69,207 points. Index heavyweight Naspers, which gained like most technology companies, ended the day up 9.3%, while petrochemicals group Sasol gained nearly 7%.
- The rand gained on Wednesday as the dollar strengthened against other currencies following U.S. inflation data Inflation data that was in line with economists’ expectations. At the close of trading, the rand was trading around R15.31 against the dollar, up 1.4%.
- Gold prices this morning held near their weekly high reached in the previous session as the U.S. dollar and U.S. Treasury yields retreated after inflation data came in line with expectations and reiterated the need for a faster rate hike. Meanwhile, oil prices declined today, losing the strong gains of the previous two trading days. This was due to uncertainty over near-term demand as more cases of the highly contagious Omicron variant of the coronavirus emerge worldwide.
In Local News
Capitec CFO and co-founder Andre du Plessis to retire after more than 20 years
Capitec Bank announced Wednesday that the group’s co-founder, CFO and chief financial officer, André du Plessis, will retire on June 30, 2022, after 22 years with the group. Du Plessis will be replaced in both the CFO and Finance Director positions by the Group’s current Head of Finance, Grant Hardy. Hardy will take up his new role on July 1, 2022. Hardy – a chartered accountant with international banking experience – has prepared for this succession by working closely with Du Plessis over the past four years. “As part of the strategy to preserve Capitec’s unique culture, significant efforts are being made to develop our own people, with a particular focus on talented individuals who have the potential to lead the company in the future,” the group said in a statement released by Sens.
Mteto Nyati steps down as CEO of Altron
Altron has announced that its CEO, Mteto Nyati, will step down at the end of June. In a statement, Altron said the decision is due to Nyati’s “imminent completion of his five-year tenure at Altron Group, his successful contribution to increasing shareholder value six-fold during his tenure, and his search for a new challenge.” Nyati, who joined Altron from the MTN Group, where he was CEO of the mobile operator’s South African subsidiary, replaced Robbie Venter – son of Altron founder Bill Venter – as CEO of the long-established electronics and technology group, which was founded in 1965.