Market Insights:


Greece dominates headlines
The FTSE/JSE All Share Index (ALSI) closed at 51,967.08 points on Friday, down 1.32% from the previous week. This was largely in line with global markets as investors awaited the outcome of the crucial Greek referendum in which Greek voters would either accept or decline the terms of an international bailout.

Eurozone shares fell 1.7% in early trading this morning after 61% of Greek voters rejected austerity measures. There are mounting concerns that Greece could become insolvent and that it could leave the Eurozone. Talks will resume between Greece and its creditors this week.

Commodities under pressure
Oil prices slid on Friday due to concerns about the resilient US crude production and a deal between Iran and the West that could unlock millions of barrels of crude into the oversupplied world market. The oil price settled at $60.32 per barrel, down 4.6% from the previous week.

Greece crisis drives rand lower
The US dollar weakened marginally on the back of disappointing US employment data, strengthening the rand from R12.35/US dollar to R12.25/US dollar during Friday trading hours. However, the rand ended the week slightly lower at R12.28/US dollar with downward pressure mainly from the Greek crisis.