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In our continued efforts to give our readers a broad number of views, opinions and information, we continue to provide PSG's daily market updates and add our own daily rant at the end.
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Short summary of PSG's market commentary for 20 December 2018
South Africa
The local bourse recovered some losses on Wednesday thanks to a lower oil price, a stronger rand and a strong performance from banks. The All Share closed up 0.65% and the Top 40 0.69%.
United States
US equity markets rose on Wednesday due to strong performances from the tech sector and banks, and as investors hoped the US Federal Reserve (Fed) will continue with a moderate pace for interest rates. By 19h10, the Dow, the S&P 500 and the Nasdaq had all climbed by almost 1%.
Europe
European shares rose cautiously on Wednesday thanks to a boost from banks and the pharmaceutical sectors. Although the EU and Italy came to an agreement regarding Italy’s budget, markets treaded carefully in anticipation of the Fed’s announcement. At the end of trade, the STOXX 600 had gained 0.46%.
Hong Kong
Chinese markets took a knock on Wednesday, ahead of the US interest rate decision and due to the healthcare and energy sectors stumbling. The Shanghai Composite fell by 1.05% at its close.
Japan
Japanese shares reached a nine-month low on Wednesday due to investors practising caution ahead of the Fed’s conference and the shares of SoftBank Group Corp plummeting. The Nikkei ended the day 0.59% down.
Rand
The rand strengthened against major currencies on Wednesday as EU and Italy finally agreed on Italy’s budget and global markets waited for the Fed’s rates announcement. At 18h40, the rand strengthened to R14.15 against the dollar.
Precious metals
While investors practised caution before the US interest rate decision later Wednesday evening, gold proved to be a safe haven. At 19h05, the price of an ounce of gold had risen to $1 255.
Oil
Oil prices made up ground on Wednesday, gaining almost 3%; although investor sentiment was still negative, US data showed a demand for refined products. At 19h05, a barrel of Brent crude cost $57.56.
The local bourse recovered some losses on Wednesday thanks to a lower oil price, a stronger rand and a strong performance from banks. The All Share closed up 0.65% and the Top 40 0.69%.
United States
US equity markets rose on Wednesday due to strong performances from the tech sector and banks, and as investors hoped the US Federal Reserve (Fed) will continue with a moderate pace for interest rates. By 19h10, the Dow, the S&P 500 and the Nasdaq had all climbed by almost 1%.
Europe
European shares rose cautiously on Wednesday thanks to a boost from banks and the pharmaceutical sectors. Although the EU and Italy came to an agreement regarding Italy’s budget, markets treaded carefully in anticipation of the Fed’s announcement. At the end of trade, the STOXX 600 had gained 0.46%.
Hong Kong
Chinese markets took a knock on Wednesday, ahead of the US interest rate decision and due to the healthcare and energy sectors stumbling. The Shanghai Composite fell by 1.05% at its close.
Japan
Japanese shares reached a nine-month low on Wednesday due to investors practising caution ahead of the Fed’s conference and the shares of SoftBank Group Corp plummeting. The Nikkei ended the day 0.59% down.
Rand
The rand strengthened against major currencies on Wednesday as EU and Italy finally agreed on Italy’s budget and global markets waited for the Fed’s rates announcement. At 18h40, the rand strengthened to R14.15 against the dollar.
Precious metals
While investors practised caution before the US interest rate decision later Wednesday evening, gold proved to be a safe haven. At 19h05, the price of an ounce of gold had risen to $1 255.
Oil
Oil prices made up ground on Wednesday, gaining almost 3%; although investor sentiment was still negative, US data showed a demand for refined products. At 19h05, a barrel of Brent crude cost $57.56.
Our daily rant..
So the Public Protector found that former Sports and Recreation minister Fikile "RazzMatazz" Mbalula accepted R300,000 from sporting goods supplier Sedgars out of desperation but rejects his claim that it was a loan. The following is posted on EWN's website regarding the matter.
Start article
Advocate Busisiwe Mkhwebane released a report on Wednesday which confirmed that Sedgars bankrolled part of Mbalula’s 2016 family holiday to Dubai. At the time, Mbalula, who is now head of the African National Congress (ANC)’s election office, denied allegations of wrongdoing, saying that he paid for the R680,000 trip out of his own pocket.Neither Mbalula nor Sedgars have responded to a request for comment. Mbalula has provided a highly improbable version of events to the Public Protector, however, it appears to have been for the most part accepted by Mkhwebane.
The former minister claims that his Dubai holiday was arranged through a travel agent by a Mr Siweya out of his own volition and he never asked for the holiday. Mbalula further claims he never knew how much the entire trip had cost until two months later when the travel agent came asking for payment. Mkhwebane says Mbalula found himself unable to pay the funds and out of apparent desperation approached Yusuf Dockrat of Sedgars Sports for R300,000.
The advocate rejects the claim it was a loan because R275,000 of it was paid back only after Eyewitness News broke the story. Mbalula paid R150,000 in cash to the travel agent. The matter has been referred to the authorities for possible corruption and money laundering investigations.
End article
It seems as if corruption, racketeering, money laundering and all around self serving in the ANC is so deeply enshrined in the current ANC that one is not sure the party will ever be able to rid itself from all of this.
Start article
Advocate Busisiwe Mkhwebane released a report on Wednesday which confirmed that Sedgars bankrolled part of Mbalula’s 2016 family holiday to Dubai. At the time, Mbalula, who is now head of the African National Congress (ANC)’s election office, denied allegations of wrongdoing, saying that he paid for the R680,000 trip out of his own pocket.Neither Mbalula nor Sedgars have responded to a request for comment. Mbalula has provided a highly improbable version of events to the Public Protector, however, it appears to have been for the most part accepted by Mkhwebane.
The former minister claims that his Dubai holiday was arranged through a travel agent by a Mr Siweya out of his own volition and he never asked for the holiday. Mbalula further claims he never knew how much the entire trip had cost until two months later when the travel agent came asking for payment. Mkhwebane says Mbalula found himself unable to pay the funds and out of apparent desperation approached Yusuf Dockrat of Sedgars Sports for R300,000.
The advocate rejects the claim it was a loan because R275,000 of it was paid back only after Eyewitness News broke the story. Mbalula paid R150,000 in cash to the travel agent. The matter has been referred to the authorities for possible corruption and money laundering investigations.
End article
It seems as if corruption, racketeering, money laundering and all around self serving in the ANC is so deeply enshrined in the current ANC that one is not sure the party will ever be able to rid itself from all of this.