5 things you need to know before trading opens today
·4 Apr 2016
Here’s what is happening in the markets
- President Jacob Zuma is on shaky terms with his party, but will likely survive the coming months as the ANC moves to patch up the political fallout surrounding a Constitutional Court ruling which found he violated the country’s top laws. The ANC is set to hold an extended national working committee meeting on the issue today – which weekend papers reported was the first step to have the president removed after the 2016 Municipal Elections have come and gone.
- The petrol price will be going up by 88 cents this coming Wednesday, with diesel going by 97 cents. Consumers will be hard-hit this month as a number of price hikes take effect – electricity prices have been hiked by 9.4%, and food prices are expected to increase by as much as 20%, as both producers and transporters feel the pinch.
- South Africa’s rand capped a stellar week on Friday, trading at its firmest levels in three months against the dollar as an emerging market rally and political events helped the unit shrug off worrying local data. On Monday the rand was trading at R14.73 to the dollar, R20.92 to the pound and R16.75 to the euro.
- Asian share prices held firm on Monday after solid US payroll data underpinned investor risk sentiment while dovish comments from Federal Reserve Chair Janet Yellen the previous week kept the US dollar in check. Wall Street extended a seven-week rally on Friday after upbeat US jobs and factory data hinted at stronger corporate earnings without increasing concerns of potential U.S. interest rate hikes.
- Oil prices fell in early trading on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while US output remains stubbornly high. US crude was at $36.39 per barrel , down 40 US cents from their last settlement, while Brent crude 34 US cents at $38.33 a barrel.
In other news: Millions of Joburg traffic fines are unenforceable, as the Road Traffic Infringement Agency has failed to pay its Post Office bills. Moneyweb reports that the group owes as much as R50 million – and its enforcement orders for fines have been stopped.
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