The rand weakened against the major currencies in early trade as the sentiment from central bank chiefs in developed countries showed a move towards policy tightening.
By 10am the local unit had weakened 0.58% against the Dollar and 0.13% against the Euro and 0,53% weaker against the British pound, trading at:
R13.09 against the US Dollar
R14.92 against the Euro
R17 against the British pound
The local bourse was weaker in early trade with the all-share index down 0.2% to 51,495, while the top 40 index was also down 0.2% to 45,317. Some of the big movers saw Verimark share price gain 13% in early trade, while Chrometco stock had tanked by 25% in early trade.
The international markets were trading stronger on the back of the rebounding oil prices and positive Chinese manufacturing activity.
The FTSE opened was up 0.4%
US markets: USMarkets were expected to open stronger, but overnight we saw the NASDAQ flat, down 0.06% while the Dow Jones was up 0.2%.
The Nikkei was up 0.1%
The Hang Seng was little changed, down 0.06% in early trade.
Market factors to watch out for today:
· ABSA Manufacturing PMI for June
· Total New Vehicle Sales for June
On the companies front we expect the following results and announcements:
- Vukile Property Fund Limited - Acquisition Of Spanish Retail Portfolio And Withdrawal Of Cautionary Announcement
- Basil Read Limited - Audited Annual Financial Statements For The Year Ended 31 December 2016 - Bsr17
- Pbt Group Limited - Condensed Consolidated Provisional Financial Results For The Year Ended 31 March 2017