Sanlam Private Wealth Morning Digest 07 May 2021

Local Markets

Johannesburg-listed stocks rose slightly on Thursday, with the Top-40 Index closing 0.28% higher and the All-Share Index up 0.39%. Gold miners, bolstered by rising prices for the precious metal, were among the biggest winners of the day, led by a 3% gain in both AngloGold Ashanti and Gold Fields. Gold Fields on Thursday announced plans for big capital spending in 2021 and said its production guidance for the year remained unchanged. Other industries like financial firms and retailers saw their shares boosted by the stronger rand.

American Markets

US stocks climbed on Thursday as investors awaited Friday’s highly anticipated jobs report to gauge the pace of the labor-market recovery. The gains came after a better-than-expected reading on jobless claims. First-time claims for unemployment insurance totalled 498,000 for the week ended May 1, hitting a fresh pandemic-era low and better than a Dow Jones estimate of 527,000. PayPal shares jumped 1.9% after the company posted better-than-expected earnings and said revenue last quarter surged 31%.