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South African markets closed in the green on Wednesday, boosted by gains in mining sector stocks.
Exxaro Resources, African Rainbow Minerals, Merafe Resources and Kumba Iron Ore surged 6.1%, 4.4%, 2.2% and 1.9%, respectively.
RCL Foods, Famous Brands, AVI and Tiger Brands jumped 2.4%, 1.7%, 1.5% and 0.7%, respectively.
On the flipside, platinum miners Impala Platinum Holdings and Northam Platinum edged down 4.2% and 2.0%, respectively.
Capitec Bank Holdings, Nedbank Group and Absa Group shed 3.4%, 0.9% and 0.8%, respectively.
Gold miners Sibanye Stillwater and Gold Fields declined 1.0% and 0.8%, respectively. The JSE All Share index marginally advanced to close at 75,520.38.
On Wednesday, the rand weakened against the US dollar. In the US, the consumer price inflation rose more than expected in March. The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond rose to 10.82%, while that for the longer-dated 2040 issue rose to 13.20%.
At 05:30 SAST on Thursday, the US dollar is trading 0.2% lower against the South African rand at R18.7342, while the euro is trading 0.2% lower at R20.1349.
At 05:30 SAST, the British pound has declined 0.2% against the South African rand to trade at R23.5092.
Yesterday, the euro mostly declined against most of the major currencies.
At 05:30 SAST, the euro advanced 0% against the US dollar to trade at $1.0749, while it has weakened 0% against the British pound to trade at GBP0.8567.
Market update by Anchor Capital
UK
The UK market finished firmer yesterday, helped by gains in Tesco. Tesco gained 3.3%, after the company reported an increase in in annual profits and volumes, with surging pre-tax profits. Moreover, the company anticipates a further increase in profits, citing early indications of improving consumer sentiment. Peer J Sainsbury added 0.9%.
Energy companies Shell and BP advanced 1.4% and 0.7%, respectively. On the other hand, real estate companies Barratt Developments, British Land Co and Land Securities Group shed 2.1%, 1.8% and 1.6%, respectively. Insurance companies Old Mutual, St. James's Place, Prudential and Legal & General Group declined 2.9%, 2.1%, 1.2% and 0.7%, respectively.
The FTSE 100 index advanced 0.3% to close at 7,961.21.
US
US markets ended sharply lower yesterday, as stubborn US inflation data dented hopes for early rate cuts. Technology companies Intel, Apple, Salesforce.com and Microsoft dropped 3.0%, 1.1%, 0.9% and 0.7%, respectively.
Financial services companies Goldman Sachs Group, American Express, JPMorgan Chase & Co, and Visa shed 2.4%, 1.0%, 0.9% and 0.8%, respectively.
Food companies Conagra Brands, General Mills and Mondelez International declined 2.2%, 1.9% and 1.7%, respectively.
Energy companies, Exxon Mobil Corporation and Devon Energy Corporation added 0.8% and 0.7%, respectively.
The S&P 500 index fell 0.9% to settle at 5 160.64, while the DJIA index declined 1.1% to close at 38,461.51. The NASDAQ index eased 0.8% to end the trading session at 16,170.36.
Asia
Asian markets are trading mostly lower on Thursday morning, amid concerns surrounding rate cuts.
In Japan, e-commerce company Mercari has declined 2.8% Electric services company, Osaka Gas Co. has added 3.6%.
In Hong Kong, internet company NetEase has shed 3.8%. On the flipside, food company WH Group has advanced 2.2%.
In South Korea, electronics company, Sunny Electronics has gained 8.6%. On the other hand, LG Electronics has eased 1.1%. The Nikkei 225 index is trading 0.5% lower at 39,383.73. The Hang Seng index has declined 1.0% to trade at 16,973.38, while the Kospi index is trading marginally higher at 2,706.00.
Commodities
At 05:30 SAST on Thursday, Brent prices rose 0.3% to trade at $90.78 a barrel, amid escalation in Middle East tensions.
Yesterday, Brent prices rose 1.2% to settle at $90.48/bl, after three sons of a Hamas leader were killed in an Israeli airstrike in the Gaza Strip, adding to concerns that ceasefire talks might stop.
At 05:30 SAST on Thursday, gold prices advanced 0.6% to trade at $2,345.85/oz. On Wednesday, gold declined 0.8% to close at $2,332.79/oz, as a stronger greenback and rise in the US Treasury yields dented demand for the precious yellow metal.
Yesterday, copper declined 0.6% to close at $9,240.30/mt. Aluminium closed 0.2% lower at $2,456.00/mt.
