15 August 2024 Morning Biz News: Welwitschia Sovereign Wealth Fund Doubles in Value; Rand Gains on U.S. Data; Oil Prices Rebound

1. Welwitschia Sovereign Wealth Fund Sees Remarkable Growth The Welwitschia Sovereign Wealth Fund, launched in 2022, has nearly doubled its value, rising from N$260 million to N$440 million. Central Bank Governor Johannes !Gawaxab noted that the Fund has consistently outperformed its benchmark, the Norwegian Government Pension Fund Global, demonstrating strong performance and growth.
2. South African Rand Strengthens On Wednesday, the South African rand appreciated to 18.05 against the US dollar, marking a 0.2% increase from its previous close. The currency’s rise was fueled by U.S. inflation data that heightened expectations for imminent rate cuts in the world’s largest economy.
3. Oil Prices Recover Amidst Rate Cut Optimism Oil prices rebounded on Thursday, partially recovering from previous losses. This uptick was driven by optimism that potential U.S. interest rate cuts could enhance economic activity and fuel demand. Brent crude futures rose 17 cents, while U.S. West Texas Intermediate crude increased to $77.21 per barrel. However, concerns about slower global demand capped the gains.
4. Dollar Softens, Euro Hits Eight-Month High The U.S. dollar softened on Thursday as the euro approached an eight-month high, driven by data showing slowing U.S. inflation. This data bolstered expectations for potential Federal Reserve rate cuts next month. Meanwhile, the yen remained steady at 147.26 per dollar, supported by Japan’s economy growing at an annualized rate of 3.1% in April-June, reflecting strong consumption.

Latest Financial Indicators:

• Namibian Dollar: 18.09 to USD, 19.92 to Euro, 23.21 to GBP
• Gold: $2,447.58 per fine ounce
• Brent Crude: $80.69 per barrel
• Bitcoin: $1,063,010.83