SA Marker Overview | 27-31 May
Outline
● The Rand is trading at R18.3725 against the US dollar. Investors remain cautious ahead of the national election on Wednesday. The markets anticipate the possibility of the ruling party losing its majority for the first time in 30 years, which could lead to a coalition government.
● The Bank of America has conducted a survey amongst 19 fund managers, with 74% of the managers expecting the South African markets to rally after elections.
Overview
● Discovery taps into home loans with personalised interest rates. The bank believes it will help more than 2 million clients save up to R2.8 billion in interest repayments.
● Pick n Pay lost more than R3 billion in 2024 and remains under pressure, experiencing a decrease in volume. The group is hoping for a turnaround in 2027. Additionally, the Ackerman family will relinquish majority voting rights to below 50%.
● The Durban crude oil refinery, previously owned by BP and Shell, has been out of operation since April 2022 and has now been acquired by the state-owned Central Energy Fund.
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