Donald Trump’s Iran move good news for Sasol, bad news for MTN
Oil prices rose 1% on Wednesday morning after the US president exited the Iran nuclear accord
Brent crude oil prices rose 1% to $76.68 a barrel and West Texas Intermediate (WTI) crude oil rose 0.8% to $70.62 a barrel on Wednesday morning following US President Donald Trump’s announcement to exit the Iran nuclear accord. Despite Trump’s decision and its effect on oil prices being widely anticipated, Sasol’s share price fell 1.48% to R446.31 on Tuesday, and Standard Bank’s WTI price-tracking exchange-traded note fell 0.33% to R12.19. Rising oil prices lifted BHP 0.97% to A$32.12, helping Sydney’s ASX 200 index rise 0.2%. BHP closed 1.13% lower at R271.31 on the JSE on Tuesday. Trump’s decision to impose tougher sanctions on Iran is bad news for MTN, which managed to repatriate R6.5bn from its joint-venture MTN Irancell in 2017, but now faces the risk of not being able to repatriate a further R4.6bn. MTN issued a statement on Wednesday morning saying: "During 2018, MTN Group has repatriated approximately €88m from MTN Irancell, including €61m relating to the full 2017 dividend ...
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