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Unexpected strong Chinese trade data lifts markets

12 August 2019

Unexpected strong Chinese trade data lifts markets

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Special announcement

It is time for the annual Intellidex SA’s Top Stockbrokers survey. Take part by completing the survey here: http://www.intellidex.co.za/topbrokers2019


Market commentary

SA flag Icon
South Africa

Although the JSE ended the week on a high note, it still recorded a loss for the week. On Thursday, better-than-expected Chinese data and a steady yuan boosted the local market. At the closing bell, the Top 40 stood 0.74% in the green.

US flag Icon
United States

US markets opened up on Thursday, lifted by surprisingly upbeat Chinese economic data and the settled Chinese currency. At 17h30, the DJ Industrial was 0.82% higher.

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Europe

European indices ended Thursday in the green thanks to bond yields and the yuan stabilising as well as the better-than-expected Chinese trade data. The FTSE 100 closed 0.93% in the green.

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Hong Kong

Thursday saw Asian shares rise on the back of surprisingly positive Chinese trade reports and the yuan’s fall being capped. The Hang Seng ended the day 0.39% up.

Japan flag Icon
Japan

The Nikkei ended four consecutive days of losses on Thursday due to investors “bargain-hunting” despite fragile sentiment. At the closing bell, the Japanese index had gained 0.37%.

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Rand

On Thursday, the local currency reached its lowest point in 11-months, as investors digested the severe global risk-off trade and the Moody’s warning about Eskom. At 17h30, the rand traded R15.03 against the dollar.

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Precious metals

Gold prices fell slightly on Thursday after rising over 17% in 2019 and as much as $100 in the past weekGold prices fell slightly on Thursday after rising over 17% since the beginning of the year and as much as $100 in the past week. Despite this drop, experts anticipate it to increase further. At 17h30, an ounce of spot gold traded at $1 497.13.

Oil Icon
Oil

Oil prices made up some ground on Thursday, jumping over $1 per barrel, because of the stabilising yuan and possible future production cuts. At 17h30, Brent crude was trading at $57.68 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 55 535.24 0.56 - 3.74 - 4.02 6.01 - 0.67
Gold mining 2 398.85 - 4.14 21.21 68.94 64.18 128.66
Basic minerals 31 669.35 0.98 - 4.77 - 1.62 8.43 13.72
Industrial index 77 879.92 0.94 - 0.18 - 0.83 13.00 - 3.22
Financial 37 522.27 - 0.78 - 9.88 - 12.82 - 8.89 - 8.72
Fin + Ind 30 7 511.18 0.41 - 3.37 - 4.84 5.21 - 4.96
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) 26 287.44 - 0.32 - 1.67 2.43 5.96 5.53
S&P 500 PR (USD) 2 918.65 - 0.65 - 1.92 2.20 8.87 4.38
NASDAQ (USD) 7 959.14 - 0.96 - 2.17 0.92 9.66 2.00
FT-100 (GBP) 7 253.85 - 0.44 - 3.22 1.93 5.70 - 2.14
Hang Seng (HKD) 25 939.30 - 0.69 - 7.74 - 6.47 - 4.87 - 6.09
Nikkei 225 (JPY) 20 684.82 0.44 - 4.08 - 3.12 2.88 - 6.50
MSCI World (USD) 6 215.00 - 0.53 - 2.55 - 12.82 6.93 0.65
Frankfurt (EUR) 5 220.52 - 1.28 - 5.97 - 2.34 7.22 - 7.75
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 503.50 0.41 8.33 17.09 14.67 23.69
Platinum ($) 863.00 0.70 6.81 0.82 8.55 4.23
Brent Oil ($) 58.53 2.00 - 8.77 - 16.85 - 5.75 - 18.79
Rand/USD 15.23 0.12 - 9.11 - 6.58 - 8.41 - 11.34
Rand/GBP 18.33 0.10 - 4.53 1.00 - 1.45 - 4.43
Rand/EUR 17.07 0.09 - 8.54 - 6.29 - 7.75 - 8.26
ALBI (R) 675.86 0.02 - 1.13 1.24 3.80 9.91
  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. CN: Vehicle sales Y/Y JUL
  2. US: Consumer inflation expectations

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 3.93 8.08 8.02 8.08 7.95 7.62
PSG Wealth Income FoF D 3.91 7.85 7.68 7.98 8.07 8.07
PSG Wealth Preserver FoF D 2.80 3.68 4.45 5.46 5.76 6.66
PSG Wealth Moderate FoF D 1.89 0.17 2.25 4.14 4.41 5.61
PSG Wealth Creator FoF D - 1.05 - 3.51 - 0.30 2.53 2.26 2.97
PSG Wealth Global Moderate FF D 12.73 10.06 7.06 7.14 6.14 8.47
PSG Wealth Global Creator FF D 18.33 14.43 13.61 13.76 11.71 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 2.03 - 0.66 1.37 4.11 2.12 1.69
PSG Wealth Global Creator FoF D 5.55 2.18 6.98 10.03 7.10 7.09
PSG Wealth Global Preserver FoF (USD) D 2.63 3.20 2.09 3.42 4.12 3.08
PSG Wealth Global Flexible FoF (USD) D 2.67 1.79 5.28 8.66 7.38 5.66
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 7.51 7.60 4.78 5.47 8.70 7.64
PSG Wealth Global Flexible FoF (GBP) D 9.41 8.55 8.51 10.93 12.40 11.91
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.57 7.30 7.34 7.45 7.32 7.13
PSG Income A 4.01 8.24 8.25 8.38 8.23 7.89
PSG Diversified Income 2.98 6.13 7.01 7.55 7.64 7.63
PSG Stable A - 2.13 - 1.32 2.83 4.61 5.03 5.95
PSG Balanced A - 6.60 - 8.59 - 1.58 2.32 2.86 4.77
PSG Flexible A - 6.36 - 7.48 - 1.26 2.87 3.78 5.57
PSG SA Equity D - 14.73 - 17.38 - 8.63 - 2.42 - -
PSG Equity A - 11.03 - 13.71 - 5.46 0.69 0.83 2.04
PSG Global Flexible FF A - 0.86 - 3.70 0.29 5.21 4.41 -
PSG Global Equity FF A - 2.97 - 6.56 - 0.07 5.71 4.22 6.21
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 10.21 - 13.00 - 4.95 2.31 0.80 0.42
PSG Global Equity USD - 11.83 - 15.22 - 5.23 2.86 0.63 0.04
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 6.87 7.20 7.48 7.42 7.22
PSG Direct Low Equity - 2.45 - 2.10 2.13 4.16 4.56 5.53
PSG Direct Managed - 6.75 - 8.73 - 1.95 1.99 2.62 4.50
PSG Direct Aggressive - 6.74 - 8.80 - 2.43 2.40 2.81 -
PSG Direct Global Managed - 1.09 - 4.14 - 0.16 4.74 3.94 -
PSG Direct Global Aggressive - 2.41 - 5.93 - 0.38 5.05 3.83 -
  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 - 5.05 - 10.98 - 2.76 0.75 - -
PSG Wealth SA Property Equity Portfolio - 12.17 - 12.24 - 9.87 - 5.43 - -
PSG Wealth SA Dividend Income Equity Portfolio - 7.82 - 12.49 - 1.36 1.09 - -
PSG Wealth Offshore Equity Portfolio (USD) 6.03 4.03 9.55 11.97 - -
PSG Wealth Managed Volatility Equity Portfolio - 8.27 - 16.06 - 6.43 - 4.34 - -
  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

  • Our recommendation for HMN SJ is underweight; click here to read the full report on our secure site.
  • Hammerson’s direct property portfolio is not diversified across sectors as the portfolio consists of retail assets only. However, it is diversified geographically with flagship destinations in the UK, France and Ireland.
  • The group’s dividend yield is trading above its long-term average and is well above the yield offered by its peers.


company logo

Highlights

  • Our recommendation for ITU SJ is underweight; click here to read the full report on our secure site.
  • Intu’s direct property portfolio is undiversified across sectors as the portfolio consists of retail assets only and, geographically, the majority of the portfolio is held in the UK.
  • In 2018, the demand for prime shopping centres has significantly fallen due to the uncertainty of Brexit, the structural change in retail and the higher-than-normal level of administrations, and company-voluntary arrangements.


company logo

Highlights

  • Our recommendation for MND SJ is overweight; click here to read the full report on our secure site.
  • Mondi has shown robust operating performance and strong cost control.
  • Although macroeconomic uncertainties remain due to Brexit and the stability of the Eurozone, the group is focused on delivering accretive growth through its strong brand and good structural growth drivers.


Corporate actions

Date Company Share code Expectation
14 August 2019 Adcorp Holdings Limited ADR Cash Dividend
14 August 2019 Anglo American Plc AGL DRIP
Option 1 - (Cash Dividend) Gross - ZAR8.61409Less 20% SA Tax - ZAR1.72282Net - ZAR6.89127
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
14 August 2019 Anglo American Plc Turbo Share Instalment AGLSTA Cash Dividend
14 August 2019 Anglo American Plc Turbo Share Instalment AGLSTN Cash Dividend
14 August 2019 Investec Bank (Mauritius) Limited IMRP7 Cash Dividend
14 August 2019 Kumba Iron Ore Limited KIO Cash Dividend
14 August 2019 Kumba Iron Ore Limited Turbo Share Instalment KIOSTO Cash Dividend
14 August 2019 Mondi Plc MNP DRIP
Option 1 - (Cash Dividend) Gross - ZAR4.3503252Less 20% SA Tax - ZAR0.870065Net - ZAR3.4802602
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
14 August 2019 Ecsponent Limited Class A Preference Share ECSP1 Cash Dividend
14 August 2019 Ecsponent Limited Class A Preference Share ECSP10 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP12 Cash Dividend
14 August 2019 Ecsponent Limited Class A Preference Share ECSP13 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP15 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP18 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP21 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP24 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP3 Cash Dividend
14 August 2019 Ecsponent Limited Class A Preference Share ECSP4 Cash Dividend
14 August 2019 Ecsponent Limited Class C Preference Share ECSP6 Cash Dividend
14 August 2019 Ecsponent Limited Class A Preference Share ECSP7 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


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