Morning report (22.4)

Local equities traded lower yesterday, on the back of weaker commodity and mid cap stocks, reports Nico Kelder, economist at the Efficient Group.

Commodity shares traded lower despite the weaker rand as $ denominated commodity prices declined significantly over the last few days.

The currency experienced somewhat of a crash yesterday, it weakened by more than 3% against the major currencies. The dollar remained stable as there was no new news on the US interest rates.

Bond market yields rose in anticipation of the MPC decision.

Commodities declined significantly with platinum leading the way, declining more than 3%, oil is also trading lower. European markets also traded lower with declines of more than half a percent.

US markets traded flat with only the Nasdaq showing a respectable move upwards. Markets in the Far East is trading mixed this morning, the Hang Seng lost more than 1% so far.

We expect that trading on local markets should be quiet, to the upside, until the MPC decision is announced at three this afternoon.