South African stocks rose in tandem with global equities after positive signals came from Turkey and Russia and Ukraine made some progress in peace talks. The Johannesburg All-Share Index rose 0.78% to 74,776 points, while the Top 40 Index gained 0.7% to 67,911 points. Among individual stocks, Barloworld led the All-Share Index after gaining 9.24% during the day. RFG Holdings, on the other hand, lost 8.66% and was the worst performer of the day.
The rand trended firmer on Tuesday as peace talks between Russia and Ukraine appeared to be making progress. At the close of trading, the rand was trading around R14.53 against the dollar, 1.02% firmer. Meanwhile, the battered yen rallied this morning as traders began to doubt whether Japanese authorities would tolerate more weakness, while hopes for a breakthrough in peace talks between Russia and Ukraine helped the euro and weighed on the dollar.
Gold prices rose this morning, supported by a decline in the U.S. dollar and government bond yields, although signs of progress in peace talks between Russia and Ukraine hurt the metal’s safe-haven appeal and kept gains in check. Oil prices climbed early today, recouping losses from the previous day on hopes of progress in peace talks between Russia and Ukraine and a sharp drop in U.S. crude inventories last week.
FAMOUS BRANDS LIMITED – Famous Brands pushes ahead with its strategic investment plan
The Group has acquired 51% of Lexi’s Healthy Eatery (“Lexi’s”) effective April 1, 2022. Lexi’s, whose tagline is “Eat more plants,” is a casual dining restaurant brand (“CDR”) that offers a wholesome, plant-based dining experience at all key times of the day: Breakfast, Lunch and Dinner. The acquisition relates to the company’s franchise and central kitchen. Lexi’s was founded in 2018 by Lexi Monzeglio. Lexi is the creative director of brand and product development and strategy, while her business partner Ezio Nichele oversees operations of the company, which includes four restaurants, three of which are owned by Monzeglio and Nichele, while one is franchised.
Discovery postpones medical aid increase for third time
Discovery Health Medical Scheme (DHMS) will postpone its planned premium increases for another five months. This means that the 2022 changes, which were scheduled to take effect in May, will now not take effect until October. This is the third time DHMS has postponed premium increases since the Covid 19 pandemic outbreak. A notice to customers said that since the original pricing announcement for this year, “claims and investment experience” has been better than expected, which “allows the system to delay the premium increase for 2022 for an additional five months.”