Markets Roundup: Rand steady ahead of labour data, gold holds above $4,300

The rand traded largely flat in early trade on Tuesday, hovering around R16.18 to the dollar, as investors awaited South Africa's second-quarter labour market data due later in the day.

Analysts at Nedbank said they expect a modest deterioration in employment, pointing to surging fuel costs and heightened business uncertainty that have left firms adopting a cautious, wait-and-see approach to hiring and capital spending, according to CNBC Africa. 

Over the past month, the rand has strengthened by more than 1%, supported in part by firmer gold prices.

On the JSE, the FTSE/JSE All Share Index has continued its strong 2026 run, gaining nearly 2% in its most recent session and sitting up more than 16% year-on-year, according to Trading Economics.

In corporate news, chrome producer Merafe Resources reported a 64% jump in half-year headline earnings to R518 million, up from R315 million a year earlier, Reuters reported via CNBC Africa. 

The gains came despite a steep 75% drop in attributable ferrochrome production, following the suspension of operations at its Wonderkop and Boshoek smelters and a partial suspension at Lion. Higher chrome ore prices and a 75% jump in ore sales volumes more than offset the production shortfall, with chrome ore revenue up 78% to R1.8 billion for the period.

Elsewhere on the JSE, Italtile released a business update and voluntary trading statement for the year ended 30 June 2026, while Sea Harvest Group announced changes to its board committees, and Satrix listed an additional MSCI ACWI feeder ETF on its collective investment scheme, according to Sharenet's SENS feed.

International markets

Wall Street closed higher on Friday, with the S&P 500 notching a record close of 7,757.64 (up 0.62%) and the Nasdaq Composite jumping 1.3% to 26,690.62, after weaker-than-expected US jobs data reinforced bets that the Federal Reserve will hold interest rates steady for longer, according to CNBC. 

The Dow Jones Industrial Average added 151.83 points to close at 54,036.93. All three indices posted a second straight week of gains, with the Nasdaq up 5.2% for the week on a rebound in chip stocks.

July's non-farm payrolls report showed US employers cut 23,000 jobs, far below expectations of an 80,000-plus gain, per CNBC, fuelling the rally in equities and a jump in gold.

Gold held above $4,300 an ounce on Monday, building on a more than 7% surge the previous week, as the weak jobs data pushed out expectations for further Fed tightening and lower Treasury yields reduced the opportunity cost of holding bullion, Trading Economics reported. Chinese institutional buying and continued central bank purchases, particularly in Asia, have added further support.

Brent crude climbed nearly 5% to $87.69 a barrel on Monday, its highest level in weeks, as tensions around the Strait of Hormuz persisted. Iran said talks with Oman on a shipping arrangement through the strait were nearing agreement but cautioned this would not mean an immediate reopening, while continuing to reject direct talks with Washington, according to Trading Economics. Houthi militants in Yemen also claimed an attack on a Saudi refinery over the weekend, adding to regional supply concerns.