Waiting for the numbers…
International equity markets led the way yesterday with the local bourse (+0.13%) struggling to keep up, after a soft opening in the morning.
The Efficient Group reports that specialist retail group, New Clicks (+3.49%) together with competitive sugar business, Tongaat (+2.56%) dominated the upside of the market.
The rand remained fairly range bound ahead of today’s consumer inflation due later this morning. The dollar and pound stole 4 cents each from the rand’s value.
Demand in the world’s biggest gold (-0.98%) consumer, namely India, is currently undermined by the monsoon season and an absence of religious festivities which normally leads to higher levels of spending on gold.
The oil price (-3.46%) recovered to lower levels but there is still little consolation to consumers for future petrol prices. US equity markets surged with the tech-laden Nasdaq (+1.21%) improving after it hit its lowest level in more than a month on Monday.
On the European front, oil dominated the FTSE 100 (+0.93%) with BP, Shell and Total all prominent on the leader board. Construction companies and steel exporters are currently the principal gainers in Tokyo (+0.68%).
Traders are expected to watch the release of the inflation data by StatsSA later this morning as it will be a good indication of the future movement of interest rates.
