Daily Market Report

Nvidia announced late Thursday that Jensen Huang has resigned as president, chief executive and director, effective immediately, following board scrutiny of his personal conduct. Reports indicate Huang was targeted by Alice Huang, a former Megaspeed International executive whom U.S. authorities suspect was recruited by a Chinese intelligence agency; Nvidia said it has found no evidence that U.S. national secrets or the company's internal information were compromised. Chief Financial Officer Colette Kress has been named interim CEO while the board searches for a permanent successor from internal and external candidates, retaining her finance duties in the interim. Longtime director Harvey C. Jones becomes Nvidia's first-ever board chair.

NVDA shares plunged as much as 14% intraday before paring losses to close down 4.34% at $166.19. Citigroup cut its price target on the stock to $225 from $285 ahead of the announcement. The news reverberated across global markets: Wall Street's major indices eased modestly from record territory, Asian chip suppliers were mixed, and European chip names were volatile. Nvidia's own quarterly results, due 17 November, are now expected to draw heavy scrutiny of the succession process.

Separately, oil jumped after President Trump said he was no longer interested in pursuing a nuclear deal with Iran, with Brent crude up 3.3% to $95.82/barrel and WTI up 2.6% to $88.74/barrel. Energy shares advanced broadly, offsetting part of the Nasdaq's tech-led losses. Gold slipped 2.77% to around $3,876/oz as the dollar firmed, and crypto markets saw roughly $1 billion in liquidations amid the volatility.

USD/ZAR traded little changed around R16.76/$ on 13 November, essentially flat on the day. The rand has been broadly resilient through 2026, repeatedly trading at multi-month and multi-year highs earlier in the year on firmer gold prices and improved risk sentiment; Thursday's Nvidia-driven global risk-off mood and gold's 2.77% pullback are a modest test of that resilience, though the currency has so far held its ground.

The SARB's Monetary Policy Committee unanimously raised the repo rate by 25 basis points to 7.25% at its 25 September 2026 meeting. The next MPC announcement is due 19 November 2026, and markets will be watching for commentary on the rate path into 2027 given the rand's relative strength and the recent hiking bias.

Notable single-stock JSE movers: see Section 5 below. Same-day (12 November) company-specific news for JSE movers could not be confirmed via available sources; the most recently confirmed mover data, from the 11 November session, is presented there instead.

Beyond the confirmed release above, a complete dated economic calendar for 13 November 2026 could not be fully assembled via available sources at time of writing. Known, confirmed context: the SARB's next MPC rate decision is due 19 November 2026 (not today — see Section 4). No other major scheduled US data releases were confirmed for today; markets continue to digest Thursday's Nvidia-driven volatility and Fed commentary on the rate path. Investors are advised to check a live economic calendar (e.g. Econoday, the BLS release schedule, or the SARB's advance release calendar) for same-day confirmation of any further releases.

No major US company earnings releases were confirmed for 13 November 2026 via available sources, cross-checked across multiple earnings calendars; coverage of the current reporting cycle is thinning out as the bulk of Q3 season concludes. Nvidia's own next scheduled quarterly report is due 17 November 2026 and will likely draw heavy scrutiny of the CEO succession process (see Top Story).

No same-day JSE SENS releases (results, trading statements or corporate actions) could be confirmed for 13 November 2026 via available sources. The most recently confirmed JSE reporting activity relates to the 11–12 November sessions' routine trading updates; investors should check the JSE SENS feed directly for real-time releases.

• Nvidia's leadership transition: interim CEO Colette Kress and new board chair Harvey C. Jones face immediate scrutiny ahead of the company's 17 November earnings report.
• The SARB's next MPC decision (19 November) after September's surprise 25bp hike to 7.25%; markets will parse commentary for the rate path into 2027.
• Oil's reaction to the shifting US-Iran diplomatic stance after Brent's 3.3% jump; further volatility is likely if rhetoric escalates further.
• Gold's pullback from recent highs as the dollar firms — watch whether bullion stabilizes or extends losses, given its outsized influence on JSE resource counts.