South African equities opened slightly higher, with the JSE FTSE Top 40 Index approaching 90,000 points, driven by gains in energy minerals, distribution services, and utilities. Renewed geopolitical uncertainties arose from U.S. President Trump's announcement of a 30% tariff on South African exports, effective August 1. President Cyril Ramaphosa reaffirmed the country's commitment to diplomatic solutions. The market anticipates May manufacturing production data after a 6.3% year-on-year output decline in April, which raises concerns about the implications for export capacity and equity performance.
South African equities started the day with modest gains, with the JSE FTSE Top 40 Index nearing the 90,000-point mark due to strong performances in energy minerals, distribution services, and utilities.
Despite initial market optimism, geopolitical uncertainties loom large following a 30% tariff announcement on South African exports by U.S. President Trump, effective August 1.
President Cyril Ramaphosa reaffirmed South Africa's commitment to diplomatic efforts aimed at resolving the tariff dispute, signaling an ongoing focus on international trade relations.
Upcoming May manufacturing production data will be closely monitored, especially after April's disappointing 6.3% year-on-year decline, which could impact perceptions of South Africa's export capability.
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