Your trading week in summary: Oil price, aviation industry, Covid-19, and more

 Your trading week in summary: Oil price, aviation industry, Covid-19, and more

Your trading week in summary.

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Oil prices decrease as new variant of Covid-19 is discovered

The price of oil had a seven-week gain before it fell to $47 per barrel. With SA and the UK discovering a variant of Covid-19 spreading much faster than the original strain during the first wave, current fears surround a substantially lower demand in oil as a result of stricter lockdown measures around the globe. Asian refineries have eased purchases following a buying spree that started much earlier than anticipated, resulting in physical oil prices seeing a decline.

Aviation sector faces hard blows due to new curfew

There have been a considerable amount of flight cancellations due to the change in curfew, with the tourism industry being compromised as well. Some of SA’s most prominent airlines have taken the brunt of the blow during the festive season with holidaymakers rushing to get to their destinations. Others, on the other hand, are facing severe consequences of the extended curfew hours.

MTI investors face possible fund loss as CEO goes AWOL

The Financial Sector Conduct Authority warned the public about Mirror Trading International (MTI) and the investigation into its operations, following the broker promising investors returns of up to 10% a month. However, despite the warnings, around 280 000 investors are now facing a loss of funds as the CEO and founder of MTI, Johan Steynberg, has gone off the grid. Attempts at contacting him have been unsuccessful.

SA marks record-breaking 14 000 new Covid-19 cases

During the week, SA saw its highest-yet number of confirmed Covid-19 cases reaching 14 000 within a 24-hour period. Hospitals across the country are reporting that they are near capacity. This resulted in a decision for current restrictions to be reviewed in an attempt to curb the spread of the virus in the second wave of the pandemic.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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