A Volatile Market & the Viceroy/Capitec saga
Our market was the most volatile it's been in a long time and posted the biggest weekly loss in two years. The Rand weakened swiftly to trade back above 12/US Dollar. Lesetja Kganyago was named Central Banker of the year (Ballon d’or for economists). Eskom released results – they’re still in a dire financial position, but the market is liking what the new team are saying. Property stocks are also under pressure... but the big story of the week was all about Fraser Perring’s Viceroy research and the report they put out damning Capitec Bank. In the US, the FOMC (Federal Open Market Committee equivalent to our Reserve Bank Monetary Policy Committee) kept rates on hold as expected, and they added 200k jobs last month. Apple reported a decent set of results and Amazon reported spectacular results, doubling expected earnings.