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Flooding Disruption Continues

SOUTH AFRICA
  • A number of South African companies are beginning to report disruption due to flooding across Durban, with the rainfall among the heaviest in decades. Over 250 fatalities have already been reported, with that number likely to rise. MTN, Vodacom, Pepkor and Thungela Resources have already reported disruption to operations.
  • ENCA reports that a state of disaster has been installed across KwaZulu-Natal, with Ramaphosa’s visit to the region yesterday getting a very mixed reception. The government have stressed that contingency arrangement should be drawn up hastily to prevent the crisis from worsening.
  • News24 reports that public prosecutor Mkhwebane has launched legal action against President Ramaphosa to prevent her from being suspended and impeached. Ramaphosa stressed that he continues to hold the constitutional power to remove her from office.
  • Platinum, gold and mining production data crosses later today, with the numbers covering February data.
  • Yields continue to creep higher, with 10y yields at new weekly highs of 10.08% ahead of the Thursday session. The market moves extended after the rocky two-tranche Eurobond sale of 10y and 30y debt.
  • In FX, the ZAR traded well again through the Wednesday session, pushing lower to touch 14.4464 – well in range of the key support at the early April multi-month lows of 14.4025. 14.3667 marks the key support below here.
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