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- South African rand gains slightly as traders await budget speech , inflation data
The South African rand edged up roughly 0.2% in early Monday trade to 16.4475, as investors looked ahead to a busy week of economic data. The focus is on Finance Minister Enoch Godongwana's medium-term budget policy statement on Wednesday and September inflation figures. Nedbank expects headline inflation to rise to 4.8% in September from 4.4% in August, and retail sales growth to slow to 2.5% in August from 3.4% in July, with higher transport costs from fuel prices and rand depreciation as the main pressure. The 2035 benchmark government bond was little changed, with its yield rising half a basis point to 8.7%.
- Oman stock market retreats amid geopolitical uncertainty
The Omani stock market closed lower for the week, with the MSX 30 index falling 1.97% to 7,678.05 points. Shares traded dropped 33.05% in volume and 34.42% in value, while total market capitalisation slipped 1.01%. Pressure came from intensifying tanker incidents in the Strait of Hormuz and regional geopolitical uncertainty, as negotiations dragged on and fears of renewed escalation grew. In the US, consumer prices rose 3.7% year on year, above the 3.6% forecast, and producer prices surged 6.3%, the fastest pace since December 2022, supporting the case for future rate increases. Sector-wise, the services index fell 3.21% (Phoenix Power down 21.37%) and the financial index dropped 1.57%, with Madina Takaful down 7.89% after its net profit declined 81.98%. Tickmill's Joseph Dahrieh noted the economy is still expected to grow 4.1% this year, which could support sentiment.
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