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Rand weakened on Friday as trade-war worry dents sentiment

11 February 2019

Rand weakened on Friday as trade-war worry dents sentiment

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Market commentary

SA flag Icon
South Africa

The JSE edged lower on Friday, amid a risk-off tone in global markets, with Sasol leading the losses. The All Share fell by 1.20%.

US flag Icon
United States

US shares fell on Friday, as scepticism over the United States and China reaching a trade deal before a looming deadline added to concerns over slowing global growth. At 21h00 the Dow was down 0.21%.

EU flag Icon
Europe

European shares slipped on Friday, as downgrades to growth forecasts and bleak earnings numbers weighed on sentiment. At 21h00 the DAX was 1.05% in the red.

HK flag Icon
Hong Kong

Hong Kong stocks ended weaker on Friday as the absence of any positive signs for a resolution in the US-China trade war dented sentiment. At the close of trade, the Hang Seng index was down 0.16%.

Japan flag Icon
Japan

Japan’s Nikkei closed lower on Friday, as renewed worries about the US-China trade dispute plus dismal earnings from Japan Inc hurt risk appetites. At 21h00 the Nikkei was down by 2.01%.

Rand Icon
Rand

The rand was weaker against major global currencies on Friday morning, as US-China trade war concerns continued to inject an air of gloom into the market. One dollar cost R13.61 at 21h00.

Precious metals Icon
Precious metals

Gold was steady on Friday on worries that a prolonged China-US trade war could worsen global economic slowdown. At 21h00 an ounce of gold traded at $1 311.10.

Oil Icon
Oil

Oil markets slipped on Friday, pulled down by worries about a global economic slowdown. At 21h00 a barrel of Brent crude traded at $62.10 a 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 53 244.18 - 1.20 2.17 - 1.14 - 6.29 - 2.96
Gold mining 1 465.90 0.75 9.15 30.70 39.27 29.28
Basic minerals 29 762.82 - 1.49 4.72 2.82 4.88 23.45
Industrial index 69 504.96 - 1.34 0.41 - 2.98 - 14.35 - 13.15
Financial 42 399.12 - 0.66 3.02 - 1.44 0.18 - 3.09
Fin + Ind 30 7 249.32 - 1.10 1.33 - 2.43 - 9.67 - 9.81
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) 25 106.33 - 0.21 5.78 - 3.54 - 0.60 7.69
S&P 500 PR (USD) 2 707.88 0.10 5.37 - 3.00 - 4.23 7.04
NASDAQ (USD) 7 298.20 0.17 5.90 - 2.81 - 6.94 8.90
FT-100 (GBP) 7 071.18 - 0.32 3.10 - 0.42 - 7.38 2.84
Hang Seng (HKD) 27 946.32 - 0.16 8.03 6.72 - 0.41 - 4.96
Nikkei 225 (JPY) 20 333.17 - 2.01 0.65 - 9.39 - 9.30 - 5.22
Paris CAC (EUR) 4 961.64 - 0.48 3.98 - 3.08 - 9.46 - 1.44
Frankfurt (EUR) 5 006.34 - 1.05 0.95 - 5.38 - 13.67 - 11.04
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 311.10 0.34 2.12 7.16 8.15 0.00
Platinum ($) 795.00 - 1.24 - 3.52 - 8.73 - 3.87 - 18.38
Brent Oil ($) 62.10 0.76 5.76 - 12.10 - 14.08 - 4.18
Rand/USD 13.61 0.26 2.09 5.33 5.17 -12.26
Rand/GBP 17.60 0.45 1.51 4.99 3.46 -4.13
Rand/EUR 15.41 0.47 3.42 4.71 5.23 -3.68
ALBI (R) 650.76 0.05 1.91 5.35 4.61 7.98
  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. No economic data scheduled for release
  1. UK: GDP growth rate

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 3.96 7.96 8.03 8.07 7.78 7.44
PSG Wealth Income FoF D 3.76 7.91 7.99 8.33 8.05 8.22
PSG Wealth Preserver FoF D 0.64 4.90 5.53 5.78 6.29 7.38
PSG Wealth Moderate FoF D - 2.31 1.73 4.19 5.19 5.20 6.91
PSG Wealth Creator FoF D - 4.16 - 1.98 2.37 5.63 3.23 5.71
PSG Wealth Global Moderate FF D - 0.16 10.55 4.72 1.33 6.71 6.77
PSG Wealth Global Creator FF D - 0.77 15.76 11.33 6.58 12.33 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D - 3.38 - 3.53 3.68 6.34 1.73 2.21
PSG Wealth Global Creator FoF D - 3.82 0.36 10.21 11.83 6.98 7.16
PSG Wealth Global Preserver FoF (USD) D 0.31 0.63 3.37 6.08 3.39 3.72
PSG Wealth Global Flexible FoF (USD) D - 1.33 2.39 10.09 12.03 7.50 7.28
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D - 0.21 5.32 2.58 8.83 6.17 6.94
PSG Wealth Global Flexible FoF (GBP) D - 1.03 7.97 7.90 14.99 10.16 11.54
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.60 7.29 7.42 7.43 7.20 6.96
PSG Income A 4.03 8.06 8.44 8.46 8.00 7.75
PSG Diversified Income 2.94 6.85 7.71 7.92 7.89 7.67
PSG Stable A 0.74 3.58 5.65 7.14 6.82 7.05
PSG Balanced A - 2.36 0.05 3.48 7.08 5.97 7.24
PSG Flexible A - 1.60 0.43 3.06 8.27 6.93 8.14
PSG SA Equity D - 4.74 - 8.87 - 1.49 8.60 - -
PSG Equity A - 3.64 - 3.73 0.46 9.19 4.38 6.27
PSG Global Flexible FF A - 0.75 9.45 3.56 5.56 8.12 -
PSG Global Equity FF A - 1.64 9.23 4.58 7.51 8.12 7.72
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 4.31 - 5.27 2.38 11.28 3.36 3.32
PSG Global Equity USD - 5.28 - 5.69 3.29 13.07 3.48 3.38
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 3.34 7.04 7.57 7.65 7.38 7.15
PSG Direct Low Equity 0.23 2.93 5.07 6.80 6.36 6.73
PSG Direct Managed - 2.39 - 0.30 2.91 6.89 5.73 6.98
PSG Direct Aggressive - 2.14 0.76 2.10 7.67 6.18 -
PSG Direct Global Managed - 0.98 8.95 3.09 5.08 7.63 -
PSG Direct Global Aggressive - 1.53 8.83 3.74 6.30 7.64 -
  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 Equity 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 -6.38 -6.03 1.32 5.81 - -
PSG Wealth SA Property Equity Portfolio -0.22 -4.57 -0.83 -0.77 - -
PSG Wealth SA Dividend Income Equity Portfolio -5.20 -8.39 4.83 - - -
PSG Wealth Offshore Equity Portfolio (USD) -2.06 2.37 14.27 14.61 - -
PSG Wealth Managed Volatility Equity Portfolio -8.62 -11.59 -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 trade ideas

company logo

Highlights

  • The share code is FP EN Paris and our recommendation is up to 2.62%.
  • The forecasted GDP growth for the US and China is expected to bolster energy demand; this combined with Total's capital investment policy and start-ups in Russia, Nigeria and Australia put the company in a position to increase production capacity to meet this demand and bolster profits.
  • Total has a strong dividend policy, and we expect dividend yields to remain in the range of 6.5%.
  • Total's management expects the group to benefit from the start-ups in Russia, Nigeria, Italy and Australia.
  • We recommend a neutral position.


company logo

Highlights

  • The share code is VOD LN and our recommendation is 0%.
  • This increase is due to improvements in volume, mix and the good performance of the financial services division, which were partially offset by exchange rate factors.
  • An adjusted earnings before interest, taxes, and amortisation (EBITA) range of EUR 14.3 billion to EUR 14.5 billion for the year is expected.
  • Organic service revenue is anticipated to be slightly higher, and absolute adjusted EBITDA is likely to be lower due to the elimination of the impact of the UK handset financing.
  • The group aims to reduce operating expenses in Europe and common functions by at least EUR 1.2 billion by FY21.


company logo

Highlights

  • The share code is VOW GR and our recommendation is up to 0.30%.
  • Sales revenue increased by 2.7% to EUR 174.6 billion between January and September 2018.
  • Operating profit before special items rose slightly to EUR 13.3 billion on the back of volume improvements.
  • Although fair value measurement gains and losses on certain derivatives and a lower capitalisation ratio for development costs had a negative impact, special items related to the diesel issue reduced operating profit.
  • The group’s operating profit was up to EUR 10.9 billion.


Corporate actions

Date Company Share code Expectation
13 February 2019 Ecsponent Ltd Fixed Rate NotesX2 ECSFX2 Interest Payment
13 February 2019 Ecsponent Ltd Fixed Rate NotesX3 ECSFX3 Interest Payment
13 February 2019 Hosken Passenger Logistics & Rail Limited HPR Cash Dividend
13 February 2019 Howden Africa Holdings Limited HWN General Offer
13 February 2019 Kaap Agri Limited KAL Cash Dividend
13 February 2019 Tharisa Plc THA Cash Dividend
  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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