South African Market Overview 28 March 2022

Sharing our Daily Market Overview with you, ensuring that you do not miss out on any important market changes!

 

Local Market Update

  • The Johannesburg Stock Exchange’s Top 40 index slipped 0.17% to 67,578 points Friday, while the broader All-Share index fell just 0.03% to 74,325 points. Gold and platinum companies dragged down the blue-chip index as a drop in spot gold and platinum prices erased some of Thursday’s gains. Northam Platinum was the biggest loser in the index for the second day in a row, down another 8.45% on Thursday’s decline as the company’s shares were pressured by a disappointing trade report.
  • The rand weakened against the dollar from a five-month high on Friday, although it still posted a weekly gain after the central bank raised the repo rate, citing inflation risks related to the Ukraine crisis. At the end of the day, the rand was slightly firmer against the dollar at R14.53, or 0.04% higher. The rand has been among the best performing emerging market currencies since Russia’s invasion of Ukraine a month ago. It has been supported by higher prices for commodities such as gold, palladium, platinum and coal, which have benefited resource-rich South Africa.
  • Gold prices fell this morning as hopes for progress in peace talks between Russia and Ukraine scheduled to take place this week dampened safe-haven demand for gold, while a stronger U.S. dollar and higher yields continued to weigh on the metal. Oil prices fell about $4 this morning as concerns grew about lower fuel demand in China after authorities in Shanghai announced they would close the country’s financial centre for a COVID -19 test period over nine days.

 

In Local News

 

OLD MUTUAL LIMITED – Acquisition of securities by Blackrock Inc.

Shareholders are advised that Old Mutual has received formal notification that BlackRock Inc. has acquired an aggregate interest in the Company’s common stock, such that BlackRock Inc.’s aggregate interest in the Company’s common stock is now 5.01% of the Company’s total common stock outstanding.

EASTERN PLATINUM LIMITED – Full Year Results

Revenues increased 21.5% to $68.2 million, from $56.1 million in the corresponding period last year. Loss per share attributable to Eastplats shareholders decreased to $0.01 per share, from $0.09 per share in the prior period. Loss per share attributable to Eastplats shareholders decreased to $0.01 per share, from $0.08 per share in the corresponding period last year.