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Morning Market Scoop 27 February 2019

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Barry Dumas
Moring-market-scoop

Morning Market Scoop 27 February 2019

In our morning market scoop:

  • Brexit update.

 

"Guess who's back again - Brexit"

What’s the scoop? Latest with Brexit

The Brexit debacle is still going strong and with just a few weeks to go before the exit date, things are heating up in the United Kingdom.

  • The date on which Britain is set to leave the European Union is set for the 29th of March 2019.

The big picture – The Guardian reported that MPs will get to vote in March on extending article 50 if no deal is agreed upon. Theresa May made three valuable comments in yesterday’s sitting as follow:

  • First, she will hold a “meaningful vote” on a deal by Tuesday 12 March.
  • Second, if the government does not win that vote, it will table a motion to be voted on by 13 March at the latest asking MPs if they approve leaving the EU with no deal.
  • Third, if MPs reject leaving with no deal in that vote, she will give them a vote on 14 March on whether parliament wants a short, limited extension to article 50. If MPs pass that motion, the government will seek to get that extension. – The Guardian

But May says she does not want to extend article 50. And if it had to be extended beyond the end of June, the UK would need to take part in the European elections. What sort of signal to voters would that send, she asks. And she says any extension would almost certainly be a one-off, because otherwise the UK would have to take part in the European elections. And she says this means extending article 50 would create an even sharper cliff edge. – The Guardian.

The British Pound was volatile most of yesterdays trading session and managed to gain over 1% by the European close against the U.S Dollar (USD).

Notable companies reporting earnings are:

South Africa: Advanced Health Ltd, AECI Ltd, Capital and Counties, NEPI Rockcastle and Torre Industries

What does all this mean for me?

  • All hope goes to a peaceful transition in the Brexit deal as trade between Britain and South Africa would be affected moving forward with a no deal Brexit.
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