"The market remains fragmented. Gains in energy minerals and consumer non-durables were offset by declines in distribution services, non-energy minerals, and utilities."
"Investor sentiment is weighed down by the recent U.S. announcement of a 30% reciprocal tariff on South African exports, effective 1st of August."
"President Cyril Ramaphosa has contested the tariff's basis and continues diplomatic efforts to negotiate a more balanced trade agreement."
"Attention now turns to Thursday's release of South Africa's manufacturing production data for May, with April's figures revealing a 6.3% year-on-year contraction."
South African equities opened lower amid geopolitical tensions and domestic economic headwinds. The market experienced sectoral divergence, with gains in energy minerals and consumer non-durables offset by declines in distribution services, non-energy minerals, and utilities. The recent imposition of a 30% reciprocal tariff on South African exports increased risk for key industries. President Cyril Ramaphosa's diplomatic efforts to negotiate a balanced trade agreement continue amid concerns of economic slowdown. Attention is on upcoming manufacturing production data, with previous figures indicating structural issues in the industrial sectors.
Read at London Business News | Londonlovesbusiness.com
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