Iron Ore opened the week with a belter of a Monday, climbing 19% in one day. Off the back of this incredible move the likes of Kumba Iron Ore rocketing 34% in one day. Companies like BHP Billiton, Vale and Rio Tinto followed suit to a lesser degree. Australian Retail Sales come in lower than expected at 1.3% (MoM). Old Mutual plans to exit their dual-listing status in the UK and move solely back onto South Africa’s JSE as the lion’s share of their top line is generated in SA. The Rand strengthened drastically against the US Dollar over the week, pulling back to as low as R15,13. Moody’s credit rating agency hinted that based on the current political and financial climate in South Africa that a Baa2 credit rating downgrade may soon be on the horizon.
Read more in the document below:
Investors Buy Gold ETFS at Record Pace