ThinkDaily: Meta Platforms Shares Surge; All Eyes on NonFarm Payrolls

  • Market Overview
Lesego Mthombothi
https://www.thinkmarkets.com/za/

In Thursday’s trading session in the local markets, the Top 40 closed the day down by 0.13%, the Resources 10 sector went down by 0.59%, the Financial 15 went down by 0.03%, and the Industrial 25 went up by 0.11%. The rand traded at R17.08 against the dollar , R20.92 against the pound , and R18.64 against the euro . Yesterday, the oil price fell for a second week in a row as the boost to commodities from China's reopening began to wane and the timing and extent of the nation's economic recovery remained highly uncertain.

In company-specific news, Gold Fields (JO: GFIJ ) received a bill for back taxes on their three mining operations in Ghana. The miner stated that the amount is "nowhere close" to the one given to MTN (JO: MTNJ ) last month and that they will work with the authorities to dispute it. The amount has not been disclosed. Anglo American Platinum (JO: AMSJ ), Kumba Iron Ore (JO: KIOJ ), and Anglo American PLC (JO: AGLJ ) released production updates for the fourth quarter, which ended on December 31, 2022 yesterday.

Impala Platinum (JO: IMPJ ) released an update on their half-year production for December 31, 2022, Hudaco (JO: HDCJ ) Industries released an update on their annual results for November 30, 2022, and DRDGold Limited released a voluntary trading update for the half-year that ended on December 31, 2022.

In the US, Meta Platforms (NASDAQ: META ) Inc. had a very strong trading session yesterday and the share price ended the day up 23.28%.

Meta Platforms Inc. - historical chart

Figure 1: Meta Platforms Inc. - historical chart

The most important economic data event to watch for is the print for Non-Farm Payrolls at 15:30 local time.

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