HomeMarket OverviewSA Marker Overview | 27-31 May

SA Marker Overview | 27-31 May

29-05-2024
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.

Disclaimer:

Any opinions, views, analysis or other information provided in this article is provided by BCS Markets SA trading as BROCKSTOCK as general market commentary and should not be viewed as advice according to the FAIS Act of 2002. BCS Markets SA does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information provided by third parties. You must rely upon your judgement in all aspects of your investment decisions and all decisions are made at your own risk. BCS Markets SA and any of its employees shall not be responsible for and will not accept any liability for any direct or indirect loss including without limitation any loss of profit which may arise directly or indirectly from use of the market commentary. The content contained within the article is subject to change at any time without notice. BCS Markets SA is an authorized financial services provider FSP No. 51404. 

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