Here’s what is happening in the markets:
- ANC Youth League president Collen Maine is keeping silent on allegations that the Gupta family had put up the cash for his R5.4 million home. Investigations by amaBhungane revealed that Maine had to pay R140,000 per month for his home – while he only earned a salary of R30,000 per month. Bond documents revealed the bond was financed by the Bank of India.
- Motorists are in for some more petrol price pain on Wednesday (4 May 2016)as petrol prices are set to rise. Motorists will have to fork out 12 cents more for a litre for all grades of petrol come Wednesday, while the price of diesel will dip by 1c/litre for 0.05% sulphur and 2c/l for 0.005% sulphur.
- South Africa’s rand extended its gains against the dollar on Friday to hit a five-month high, lifted by a weaker greenback and a court ruling against scandal-beset President Jacob Zuma, while stocks fell in line with global counterparts. On Tuesday the ran was trading at R14.27 to the dollar, R20.99 to the pound and R16.50 to the euro.
- In global news, Asian stocks erased earlier gains and the Japanese yen rallied to a fresh eighteen-month high on Tuesday as investors grew doubtful about global central banks’ ability to boost growth through aggressive policy easing. US stocks rose on Monday, rebounding from losses last week, as financials gained with Berkshire Hathaway and weakness in the dollar eased worries about earnings for multinationals.
- Oil prices rose on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang. Brent crude was trading at $46.04 per barrel, while US crude futures up at $44.98 a barrel.
In other news: Anti-e-toll group Outa says that road agency Sanral is lying about a large number of people settling their e-toll accounts, taking advantage of the 60% discount that expired yesterday. The group shrugged the claim off as propaganda.