5 things you need to know before trading opens today
·15 Mar 2016
Here is what’s happening in the markets
- JSE-listed companies have a year to show how they are complying with a policy that requires increased female representation on their boards. The policy was introduced in August last year, and now forms part of the JSE’s listing requirements. The goal of the policy is to achieve a 50-50 diversity balance where roles are currently dominated by white men.
- South Africa has three months to prove to investors and ratings agencies that it can turn itself around. Following an investor roadshow to restore confidence in South Africa, finance minister Pravin Godhan has expressed confidence in his plan to reel the country’s budget in – and says that ratings agencies and investors are on board, but watching closely.
- South Africa’s rand fell as much as 2.4% against the dollar in generally risk averse trade on Monday, weighed down by worries that a credit rating downgrade could be looming. On Tuesday the rand was trading weaker against the dollar at R15.54 – it was also R22.17 to the pound and R17.26 to the euro.
- In global news, with the global economy slowing and many countries facing deflationary pressures, investors’ focus remain squarely on policy decisions from the world’s major central banks. Next on the central bank roster is the US Federal Reserve on Wednesday and the Bank of England and the Swiss National Bank on Thursday.
- Oil prices fell in Asian trade on Tuesday, extending losses from the session before as concerns start to take hold that a six-week recovery will peter out as markets remain oversupplied. US crude was 14 cents lower at $37.04 a barrel, and Brent crude was down 20 cents at $39.33.
In other news: South Africa and Saudi Arabia are ready to launch their R5 billion solar energy plant – the Bokpoort Concentrated Solar Power (CSP). Construction on the plant started in 2013, and it is now set to provide 220,000 megawatts per hour, annually, powering more than 200,000 homes.
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