Tobacco, Amazon & Oil
We started the day negative in the markets, and then managed a little bounce in the afternoon to end the day flat. Barclays Africa reported disappointing half year results and tobacco companies plummeted on Friday after the FDA announcement that they want to reduce nicotine levels in cigarettes. Naspers fell almost half a percent on Friday as tech stocks retreated after Amazon results. Jeff Bezos was only briefly the richest man on Thursday, until the results disappointed. US GDP growth came in at 2.6% q/q – much stronger than the previous 1.2%, with oil bouncing again... and our local energy department have announced a petrol hike.