The rand is trading at R13.85 to the greenback, largely thanks to positive sentiment over the progress in the US China trade talks which continues to see currencies firm against the dollar, says TreasuryONE.

"The euro is at 1.1360, the pound at 1.3130 and the rand at 13.8550. The pound was further boosted by news that Theresa May is now prepared to delay the Brexit exit date as well as the news that the Labour party would support a second referendum.

"Trump meeting with North Korea’s Kim is also seen as positive for markets. Wall Street closed up across all three indices and the futures have opened higher.

"Palladium has jumped to $1567.00 on supply concerns while Gold is unchanged at $1 329.90. Oil is lower at $64.56 after Trump’s statement that the price was too high."

Nampak has appointed two new independent non-executive directors with effect from March 1, it announced on Tuesday.

They are CD Raphiri and SP Ridley.

"Mr Raphiri (PGDip Mechanical Engineering, BSc (Honours) Mechanical Engineering and MBA) was the Manufacturing and Technical Director of South African Breweries and is currently the executive director of Phetogo Investments.  He also serves as a non-executive director and chairman of Adcock Ingram Holdings and a non-executive director of the Thesele Group," Nampak said in a note to shareholders. 

"Mr Ridley (B Comm, Dip Acc (post graduate) CA (SA)) was the Group Financial Director of the Standard Bank Group until his retirement. He currently serves on a number of boards, including as non-executive director and chairman of Standard Advisory London Limited, Standard Bank London Holdings Limited and non-executive director of Liberty Holdings Limited and Liberty Group Limited."

Stocks mixed on trade talk fatigue

Andreea Papuc. Bloomberg

Asian stocks drifted Tuesday as the rush of optimism on US-China trade talks from early Monday faded.

India’s rupee dropped as border tensions with Pakistan flared. Equities fell in Japan, Hong Kong and Australia while Chinese shares posted modest gains after jumping yesterday.

S&P 500 Index futures fell after the gauge closed at the highest in almost four months and European futures pointed lower. While US President Donald Trump raised the possibility of signing a new trade deal with Chinese counterpart Xi Jinping, he also said an agreement “might not happen at all.”

The yen edged higher and Treasury yields dipped.

Traders will be looking for any signs that the progress on trade is enough to build on a global rally in equities that has been tested by slowing economic growth. Also in focus this week will be a hearing from Federal Reserve Chairman Jerome Powell, where investors will get the latest read on monetary policy and discussion of the central bank’s balance sheet.

“The markets have really started to factor in the possibility of rate cuts,’’ Dwyfor Evans, a macro strategist at State Street Global Markets in Hong Kong, said on Bloomberg Television. Powell if anything “needs to probably bring the market back on track to argue that, well, we’re just staying put for now,’’ he said.

Meanwhile, India’s rupee declined and stocks dropped after Pakistan claimed airspace violation by its neighbour.

Indian fighter jets destroyed a major terrorist camp in Pakistan, the ANI news agency reported, as tensions between the nuclear-armed rivals rose following an attack in Kashmir earlier this month.

Elsewhere, the pound climbed as Prime Minister Theresa May is considering a plan to delay Brexit and stop the UK leaving the European Union with no deal next month, according to people familiar with the situation. Oil extended losses after tumbling the most in four weeks on Trump’s criticism that prices are too high.

Mboweni spoke directly to rating agencies in Budget speech - tax expert

With an election looming in South Africa, many expected that Finance Minister Tito Mboweni's 2019 Budget speech would largely be composed of populist messages aimed at voters.

However, he actually spoke directly to rating agencies with the goal of addressing some of their most important concerns, in the view of David French, director of tax consulting at Mazars. The first of these messages, according to French, was about the future of state-owned entities.