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Market Review, Commodities, Currencies, Economic & Corporate Update - 16.04.24

Published 2024/04/16, 09:18


  • South African markets closed in the red yesterday, dragged down by losses in precious metal mining stocks.
  • Platinum miners, Impala Platinum (JO:IMPJ), Northam Platinum (JO:NPHJ) and Anglo American Platinum (JO:AMSJ) plunged 8.2%, 3.0% and 2.5%, respectively.
  • Gold miners, Harmony Gold Mining (JO:HARJ), Sibanye Stillwater (JO:SSWJ), AngloGold Ashanti (JO:ANGJ) and Gold Fields (JO:GFIJ) dropped 5.8%, 5.0%, 4.7% and 4.2%, respectively.
  • On the flipside, industrial equipment and services company, Barloworld (JO:BAWJ) jumped 10.3%, after the company released a cautionary announcement stating that it has entered into discussions, which, if concluded successfully, may have a material effect on the share price.
  • Pharmaceutical companies, Netcare (JO:NTCJ) and Aspen Pharmacare Holdings (JO:APNJ) advanced 1.9% and 1.8%, respectively.
  • The JSE All Share index declined 1.1% to close at 74,518.63.


  • The UK market finished weaker yesterday, weighed down by losses in mining and energy sector stocks amid escalating geopolitical turmoil in the Middle East.
  • Miners, Fresnillo (LON:FRES) and Glencore (LON:GLEN) (JO:GLNJ) dropped 3.9% and 0.8%, respectively.
  • Energy companies, BP (LON:BP) and Shell (LON:RDSa) shed 2.2% and 1.6%, respectively, tracking lower crude oil prices.
  • Paper and packaging companies, Smurfit Kappa Group (LON:SKG), DS Smith (LON:SMDS) and Mondi (LON:MNDI) eased 0.9%, 0.6% and 0.5%, respectively.
  • On the other hand, retailers, Ocado Group (LON:OCDO), B&M European Value Retail SA (LON:BMEB), Tesco (LON:TSCO) and JD Sports Fashion (LON:JD) advanced 2.0%, 1.9%, 1.2% and 0.8%, respectively.
  • Aerospace and defence company, BAE Systems (LON:BAES) rose 1.4%, on growing tensions in the Middle East.
  • The FTSE 100 index declined 0.4% to close at 7,965.53.


  • US markets ended lower yesterday, following concerns about rising geopolitical tensions between Iran and Israel.
  • Technology company, Salesforce (NYSE:CRM) plunged 7.3%, amid news that the company was in advanced talks to acquire Informatica.
  • Peer, Apple (NASDAQ:AAPL) declined 2.2%, following reports that the company's smartphone shipments dropped about 10.0% in 1Q24.
  • On the contrary, financial services company, M&T Bank (NYSE:MTB) advanced 4.7%, after the company projected better-than-expected annual net interest income for FY24.
  • Goldman Sachs Group (NYSE:GS) gained 2.9%, after the company reported higher profits in 1Q24, driven by a recovery in underwriting, deals and bond trading.
  • The S&P 500 index fell 1.2% to settle at 5,061.82, while the DJIA index declined 0.7% to close at 37,735.11.
  • The NASDAQ index eased 1.8% to end the trading session at 15,885.02.


  • Asian markets are trading lower this morning, amid Iran-Israel tensions.
  • In Japan, transportation company, Kawasaki Kisen Kaisha (TYO:9107) has dropped 4.7%.
  • On the flipside, medical equipments company, Terumo Corporation (TYO:4543) has gained 1.2%.
  • In Hong Kong, pharmaceutical company, Sino Biopharmaceutical (HK:1177) has shed 3.7%.
  • On the other hand, energy company, China Shenhua Energy (HK:1088) has advanced 1.4%.
  • In South Korea, infrastructure support services company, Doosan Corporation (KS:000157) has plunged 10.4%.
  • On the contrary, stationery products company, Monami Corporation (KS:005360) has jumped 6.6%.
  • The Nikkei 225 index is trading 2.1% lower at 38,405.58.
  • The Hang Seng index has declined 1.9% to trade at 16,284.78, while the Kospi index is trading 2.5% lower at 2,604.13.


  • At 05:30 SAST today, Brent prices rose 0.8% to trade at $90.78/bl, amid heightened tensions in the Middle East after Israel's military chief said that the country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies.
  • Yesterday, Brent prices fell 0.4% to settle at $90.1/bl, after Iran's attack on Israel proved to be less damaging than anticipated, easing concerns of escalation of conflict.
  • At 05:30 SAST today, gold prices advanced 0.3% to trade at $2,388.53/oz. Yesterday, gold gained 1.7% to close at $2,382.51/oz, as rising Middle East tensions boosted demand for the safe haven yellow metal.
  • Yesterday, copper rose 1.8% to close at $9,499.67/mt. Aluminium closed 3.1% higher at $2,571.34/mt.


  • Yesterday, the South African rand weakened against the US dollar. In the US, retail sales rose more than expected in March. Moreover, the New York manufacturing index rose less than expected in April. Meanwhile, the NAHB housing market index remained unchanged in April, in line with market expectations.
  • The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 11.06%, while that for the longer-dated 2040 issue rose to 13.50%.
  • At 05:30 SAST, the US dollar is trading 0.3% higher against the South African rand at R19.0473, while the euro is trading 0.2% higher at R20.2064. At 05:30 SAST, the British pound has gained 0.2% against the South African rand to trade at R23.6659.
  • Yesterday, the euro mostly declined against most of the major currencies. In the eurozone, industrial production rose in February driven by the rebound in capital and durable consumer goods output.
  • At 05:30 SAST, the euro slipped 0.1% against the US dollar to trade at $1.0611, while it has marginally gained against the British pound to trade at GBP0.8541.


  • In the eurozone, industrial production rose 0.8% on a MoM basis in February, compared to revised drop of 3.0% recorded in the previous month.
  • In the US, the NY Empire State manufacturing index rose to a level of -14.30 in April, less than market expectations for a rise to a level of -9.00. The NY Empire State manufacturing index had recorded a level of -20.90 in the prior month.
  • In the US, retail sales rose 0.7% on a MoM basis in March, more than market expectations and compared to a revised rise of 0.9% in the previous month.
  • In the US, the NAHB housing market index remained unchanged at a level of 51.00 in April, in line with market expectations.
  • In China, industrial production rose 4.5% on a YoY basis in March, less than market expectations for a rise of 5.4%. Industrial production had recorded a rise of 7.0% in the previous month.
  • In China, the house price index fell 2.2% in March, compared to a drop of 1.4% recorded in the prior month.
  • In China, gross domestic product (GDP) rose 5.3% on a YoY basis in 1Q24, more than market expectations for a rise of 5.0%. GDP had recorded a rise of 5.2% in the previous quarter.
  • In China, retail sales advanced 3.1% on a YoY basis in March, less than market expectations for a rise of 4.5%. Retail sales had advanced 5.5% in the previous month.



  • Oil drops 1.0% as traders assess Middle East risks: Oil prices sank by about 1.0% a barrel after Iran’s weekend attack on Israel proved to be less damaging than expected, easing concerns of a quickly intensifying conflict that could displace crude barrels.

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