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Subdued trade ahead of Workers’ Day

02 May 2019

Subdued trade ahead of Workers’ Day

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Market commentary

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South Africa

Although the JSE closed slightly lower before the public holiday, it rose by 6.33% during April. At the close of trade on Tuesday, the All Share was 0.23% in the negative.

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United States

US markets saw a mixed open on Tuesday as investors digested a string of earnings reports and a drop in Alphabet shares (Google’s parent company) weighted on tech-heavy indices. At 18h30, the Dow was 0.25% down.

EU flag Icon
Europe

The UK market slumped on Tuesday on the back of weak Chinese factory production data in April and mining and export activity in the UK slowed. At the end of trade, the FTSE was 0.44% lower.

HK flag Icon
Hong Kong

The Hang Seng took a knock on Tuesday, weighed down by energy, property and consumer shares falling ahead of the banking holiday on Wednesday. The Hang Seng closed 0.65% in the red.

Japan flag Icon
Japan

Markets were closed due to a public holiday.

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Rand

The rand fell somewhat on Tuesday, as investors cautiously awaited the elections on 8 May 2019. Although only a week away, experts expect volatility in the coming days. At 18h30, the rand traded at R14.33 against the dollar.

Precious metals Icon
Precious metals

Spot gold trading remained mostly flat on Tuesday as investors awaited the US Federal Reserve Bank’s interest rate decision to be made on Wednesday evening. At 18h30, spot gold was trading at $1 283.80 an ounce.

Oil Icon
Oil

On Tuesday, oil prices dropped somewhat due to concerns easing that the rebellion against Venezuelan President, Nicolas Maduro, would interfere with Venezuela’s oil production and exports. At 18h30, Brent crude was trading at $72.50 per barrel.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 58 528.40 - 0.23 4.23 9.47 13.60 3.90
Gold mining 1 432.68 - 0.31 - 7.63 - 1.57 23.51 30.33
Basic minerals 32 655.34 - 0.66 - 2.05 11.93 14.92 27.99
Industrial index 80 026.24 - 0.19 6.59 13.50 16.38 - 2.47
Financial 42 771.80 0.14 6.55 0.11 7.28 - 2.79
Fin + Ind 30 7 976.76 - 0.08 6.58 8.67 13.20 - 2.59
International markets (Base currency)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Dow Jones (USD) 26 430.14 - 0.61 0.75 6.06 5.37 12.24
S&P 500 PR (USD) 2 923.73 - 0.75 2.09 8.54 7.80 12.36
NASDAQ (USD) 8 095.39 - 0.66 4.77 11.47 11.43 15.82
FT-100 (GBP) 7 385.26 - 0.44 1.34 6.84 6.10 2.54
Hang Seng (HKD) 29 699.11 - 0.65 2.25 6.70 19.53 - 0.25
Nikkei 225 (JPY) 22 258.73 - 0.22 4.97 8.10 2.66 1.15
Paris CAC (EUR) 5 586.41 0.20 4.78 12.46 10.52 3.66
Frankfurt (EUR) 5 626.34 0.13 7.10 10.48 7.83 - 2.13
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 281.80 - 0.03 - 0.78 - 2.95 4.79 - 2.09
Platinum ($) 881.00 - 1.89 3.89 7.18 3.89 - 2.11
Brent Oil ($) 72.80 1.05 6.45 17.63 - 3.54 - 3.15
Rand/USD 14.43 -0.01 -1.55 -8.51 -0.57 -13.99
Rand/GBP 18.83 0.01 -1.43 -8.12 -1.06 -9.29
Rand/EUR 16.17 -0.02 -1.61 -6.29 1.00 -6.44
ALBI (R) 662.38 0.02 - 0.12 1.73 8.53 4.97

  1. Some data may be delayed, the above table reflects the latest available information
  2. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month


Economic calendar

Local International
  1. ZA: ABSA Manufacturing PMI APR
  2. ZA: Total New Vehicle Sales APR
  1. DE: Markit Manufacturing PMI Final APR
  2. UK: MPC Meeting Minutes 
  3. UK: BoE Inflation Report 

Source: Reuters, Business Day, Trading Economics


PSG Product Matrix

Fund matrix

PSG Wealth Solutions
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Enhanced Interest D 3.94 8.02 8.04 8.10 7.86 7.52
PSG Wealth Income FoF D 4.22 7.42 7.90 8.31 8.09 8.13
PSG Wealth Preserver FoF D 4.70 5.62 6.03 6.18 6.33 7.38
PSG Wealth Moderate FoF D 6.04 4.62 5.44 5.60 5.43 7.06
PSG Wealth Creator FoF D 8.25 2.66 4.62 5.23 3.47 5.47
PSG Wealth Global Moderate FF D 3.04 16.11 7.92 4.90 6.52 8.49
PSG Wealth Global Creator FF D 9.28 25.07 15.17 12.05 12.97 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 5.83 0.78 3.94 4.63 1.70 2.01
PSG Wealth Global Creator FoF D 11.34 8.44 10.75 11.71 7.81 7.68
PSG Wealth Global Preserver FoF (USD) D 4.63 3.75 3.26 4.65 3.38 3.44
PSG Wealth Global Flexible FoF (USD) D 10.16 8.37 9.08 10.62 7.52 6.87
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 3.12 7.95 3.30 7.60 6.51 6.96
PSG Wealth Global Flexible FoF (GBP) D 8.27 14.18 8.22 13.80 10.77 11.73
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 2.97 6.65 7.07 7.25 7.10 6.92
PSG Income A 4.31 8.08 8.34 8.47 8.13 7.84
PSG Diversified Income 3.82 6.46 7.53 7.91 7.78 7.68
PSG Stable A 1.73 2.24 5.30 6.22 6.16 6.90
PSG Balanced A - 1.48 - 1.40 2.91 5.08 4.51 6.57
PSG Flexible A - 0.98 - 0.64 3.24 5.52 5.45 7.41
PSG SA Equity D - 2.52 - 10.53 - 1.69 2.56 - -
PSG Equity A - 2.80 - 4.84 0.69 4.96 2.52 5.06
PSG Global Flexible FF A - 3.44 8.67 4.60 5.96 6.67 -
PSG Global Equity FF A - 3.67 7.81 5.05 7.48 6.61 7.87
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 0.28 - 5.48 1.17 6.05 2.25 2.07
PSG Global Equity USD - 0.66 - 5.87 1.74 7.58 2.18 1.89
PSG Direct Portfolios
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Direct Flexible Income 3.75 6.83 7.41 7.64 7.40 7.19
PSG Direct Low Equity 1.17 1.73 4.70 5.80 5.62 6.50
PSG Direct Managed - 1.58 - 1.66 2.52 4.71 4.27 6.30
PSG Direct Aggressive - 2.16 - 0.25 2.49 5.18 4.60 -
PSG Direct Global Managed - 3.66 8.18 4.13 5.48 6.18 -
PSG Direct Global Aggressive - 3.80 7.65 4.42 6.44 6.16 -

  1. The PSG Wealth Solutions are exclusively available through registered PSG planners and/or advisers
  2. The above information reflects the latest available data at time of distribution, as such product performance data reflects T-2 numbers
  3. Performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month
  4. The PSG Best Ideas Portfolios were renamed to the PSG Direct Portfolios in February 2018

Equity portfolio matrix

PSG Wealth House View Portfolios
Portfolio 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth SA Equity Portfolio 4.82 -3.71 2.97 4.01 - -
PSG Wealth SA Property Equity Portfolio -3.24 -12.30 -4.72 -4.81 - -
PSG Wealth SA Dividend Income Equity Portfolio 3.96 -7.05 4.99 4.42963969421408 4.42963969421408 -
PSG Wealth Offshore Equity Portfolio (USD) 9.11 11.41 14.97 14.30 - -
PSG Wealth Managed Volatility Equity Portfolio -1.77 -11.71 -2.77 - - -

  1. The PSG Wealth equity portfolios are exclusively available through registered PSG planners and/or advisers
  2. PSG Wealth equity portfolio performance are shown gross of management fees, but net of brokerage and other trading costs
  3. PSG Wealth SA and Offshore Equity Portfolio Inception date: 30 August 2015
  4. PSG Wealth SA Listed Property Portfolio Inception date: 1 December 2015
  5. PSG Wealth Dividend Income Equity Portfolio Inception date: 29 April 2016
  6. PSG Wealth Managed Volatility Equity Portfolio Inception date: 28 July 2016
  7. PSG Wealth Funds are exclusively available through registered PSG planners and/or advisers


Recent Investment Ideas

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Highlights

  • We recommend an overweight positioning for TRU SJ; click here to read the full report
  • Return on equity has been under pressure given top-line growth that has been muted given the challenging macro environment.
  • Stronger top-line growth remains the group’s greatest challenge and is largely influenced by economic activity and merchandise inflation.


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Highlights

  • We recommend an overweight positioning for SPG SJ; click here to read the full report
  • Management believes that recent contract wins in the consumer-facing operations and the strong African commodities environment, combined with improved operational efficiencies, should support earnings.
  • A more market-friendly economic approach by the government (post elections) could provide further impetus to earnings of the locally focussed operations


company logo

Highlights

  • We recommend an underweight positioning for NPN SJ; click here to read the full report
  • We feel regulatory changes and slower advertising growth due to a more difficult Chinese macroenvironment are evolving into a significant headwind.
  • This might impact earnings from both the gaming as well as the advertising operations, which are the drivers of sustained earnings growth.


Corporate actions

Date Company Share code Expectation

  1. The information above is to the best of our knowledge correct at the time of distribution but due to the nature thereof cannot be guaranteed.
  2. This document only contains general information and not the opinion of the distributor.

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Author
author

Adriaan Pask PhD

Chief Investment Officer


At PSG Wealth
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