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Market Snapshot: Stocks Sink, SAGBs Trim Gains

  • SA markets trade mixed across the board with global sentiment shaky, despite a sharp sell-off in oil. Stocks followed Asian markets lower with Top40 heavyweight Naspers leading the decline.

  • SA Terms of Trade

  • USD/ZAR trades +0.10% higher today, treading water above the 200dma, despite a resumption in commodity weakness – forcing a deterioration in SA’s terms of trade profile.
  • SAGBs are mixed to firmer with 5 & 10Y yields down -5.4-6.5bp, while the remainder of the curve is mostly flat after giving back early gains.
  • Top40 index trades -2.44% lower following the downturn in China. The index has retraced 10.98% lower from the 03 March peak and is currently looking for support around its 200dma (63,194).

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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