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Brexit uncertainty steals the spotlight

14 March 2019

Brexit uncertainty steals the spotlight

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Market commentary

SA flag Icon
South Africa

Despite Brexit worries affecting investor sentiment, the local bourse ended Wednesday just in the green thanks to gains by miners. At the close of trade, the All Share was up 0.23%.

US flag Icon
United States

The Federal Reserve's continued patient stance on future (and current) interest rate hikes boosted US markets on Wednesday. At 19h15, the Nasdaq and the S&P 500 traded almost 1% up.

EU flag Icon
Europe

On Wednesday, European markets inched up on hopes that the British Parliament would now vote for a no-deal Brexit. The pan-European STOXX 600 index closed 0.63% down.

HK flag Icon
Hong Kong

Asian indices took a beating on Wednesday due to investors acting with caution because of uncertainty around both the British exit from the European Union and the Sino-US tariff negotiations. At the end of trade, the Shanghai had fallen by 1.09%.

Japan flag Icon
Japan

Wednesday was a difficult day for the Nikkei as poor machinery orders mixed with Brexit chaos and the soft US inflation move weighed heavily on the index. At 19h15, the Nikkei was 1.03% down.

Rand Icon
Rand

The rand had a roller coaster day on Wednesday as the pound sterling fought back ground despite the political chaos in Britain. At 18h15, a dollar cost R14.41 and a pound R19.05.

Precious metals Icon
Precious metals

Gold prices reached a two-week high on Wednesday due to investors seeking a safe haven because of rising uncertainties around Britain’s exit from the European Union. At 19h15, an ounce of spot gold was trading at $1 308.38.

Oil Icon
Oil

Oil prices were lifted on Wednesday by a drop in US crude inventories, the Venezuelan power cut that halted production, and possible slower supply from the world’s top producer. At 19h15, a barrel of Brent crude was trading at $67.21.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 55 829.10 0.44 2.83 8.57 0.80 - 2.26
Gold mining 1 550.38 2.35 3.70 19.50 55.29 42.95
Basic minerals 32 465.32 1.79 6.47 18.62 12.96 36.52
Industrial index 74 277.62 0.39 4.31 7.40 - 4.05 - 12.66
Financial 41 230.18 - 0.90 - 3.42 1.42 - 0.92 - 9.84
Fin + Ind 30 7 497.52 - 0.05 1.58 5.32 - 3.02 - 11.74
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) 25 702.89 0.62 0.92 5.09 - 0.55 5.17
S&P 500 PR (USD) 2 810.90 0.30 1.91 5.85 - 2.38 2.32
NASDAQ (USD) 7 643.12 0.44 2.50 7.25 - 4.03 1.13
FT-100 (GBP) 7 159.19 0.11 0.48 5.24 0.17 4.67
Hang Seng (HKD) 28 807.45 1.13 1.43 9.01 7.40 - 5.55
Nikkei 225 (JPY) 21 290.24 - 0.99 0.76 - 2.15 - 5.76 - 1.09
Paris CAC (EUR) 5 306.38 0.69 4.58 8.52 - 0.01 3.58
Frankfurt (EUR) 5 294.77 0.42 3.63 5.93 - 4.01 - 5.31
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 296.95 0.05 - 1.12 4.19 8.28 - 1.54
Platinum ($) 838.00 0.60 5.94 4.75 4.23 - 12.80
Brent Oil ($) 66.67 0.14 6.81 10.84 - 16.39 2.65
Rand/USD 14.44 -0.40 -4.74 -1.45 3.31 -22.55
Rand/GBP 19.13 -1.57 -7.83 -6.38 2.12 -16.05
Rand/EUR 16.35 -0.70 -5.13 -1.08 5.94 -11.82
ALBI (R) 652.93 - 0.10 2.21 5.52 7.06 4.59
  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: Gold Production YoY JAN
  2. ZA: Mining Production JAN
  3. ZA: Manufacturing Production JAN
  1. DE: Inflation Rate FEB
  2. US: New Home Sales JAN
  3. JPN: BoJ Interest Rate Decision (Friday, 05h00)

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 7.99 8.05 8.08 7.81 7.48
PSG Wealth Income FoF D 3.51 7.49 7.82 8.30 8.03 8.18
PSG Wealth Preserver FoF D 0.47 4.61 5.88 5.79 6.26 7.22
PSG Wealth Moderate FoF D - 1.70 1.63 5.27 5.04 5.36 6.75
PSG Wealth Creator FoF D - 1.81 - 3.10 3.96 5.06 3.65 5.29
PSG Wealth Global Moderate FF D - 5.96 16.50 7.57 3.01 6.23 7.37
PSG Wealth Global Creator FF D - 6.81 20.38 13.77 8.79 11.84 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D - 0.58 - 3.41 3.79 4.98 2.09 1.86
PSG Wealth Global Creator FoF D - 1.22 - 0.74 9.81 11.14 7.54 6.82
PSG Wealth Global Preserver FoF (USD) D 1.78 0.97 3.01 5.06 3.56 3.26
PSG Wealth Global Flexible FoF (USD) D 1.07 1.14 9.30 10.92 7.73 6.45
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 1.26 5.13 0.72 7.05 5.96 6.58
PSG Wealth Global Flexible FoF (GBP) D 0.15 6.18 4.71 12.60 10.04 10.84
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.56 7.27 7.40 7.44 7.22 6.99
PSG Income A 4.26 7.93 8.38 8.48 8.06 7.79
PSG Diversified Income 2.93 5.78 7.40 7.83 7.78 7.62
PSG Stable A - 0.50 0.84 4.78 6.40 6.31 6.85
PSG Balanced A - 5.54 - 4.12 1.98 5.39 4.97 6.64
PSG Flexible A - 5.02 - 3.36 2.22 6.15 5.90 7.56
PSG SA Equity D - 7.88 - 17.03 - 4.41 4.07 - -
PSG Equity A - 8.17 - 9.33 - 0.95 6.17 3.14 5.46
PSG Global Flexible FF A - 8.99 11.23 5.07 5.42 6.92 -
PSG Global Equity FF A - 10.10 9.65 5.48 7.00 6.94 7.48
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 3.63 - 7.68 1.53 7.55 3.09 2.59
PSG Global Equity USD - 4.63 - 8.65 1.94 9.06 3.09 2.49
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 3.46 6.57 7.42 7.63 7.38 7.15
PSG Direct Low Equity - 1.24 0.16 4.16 5.96 5.81 6.48
PSG Direct Managed - 5.62 - 4.36 1.58 5.10 4.73 6.38
PSG Direct Aggressive - 6.91 - 2.50 1.59 5.73 5.05 -
PSG Direct Global Managed - 9.19 10.73 4.60 4.94 6.44 -
PSG Direct Global Aggressive - 9.88 9.75 4.86 5.94 6.46 -
  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 -2.44 -7.45 3.08 4.43 - -
PSG Wealth SA Property Equity Portfolio -3.47 -8.45 -3.74 -3.19 - -
PSG Wealth SA Dividend Income Equity Portfolio -3.72 -10.29 3.42 - - -
PSG Wealth Offshore Equity Portfolio (USD) 0.46 1.44 13.25 13.54 - -
PSG Wealth Managed Volatility Equity Portfolio -7.33 -9.84 -2.36 - - -
  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

  • The share code is JMP: NYSE and our recommendation is up to 4%.
  • Potential factors, which could enhance earnings in 2019, include regulatory changes in the way the supplementary leverage ratio is calculated for banks.
  • On the downside, risks include no additional US interest rate hikes, which could limit net interest income (NII) growth, and a faster deterioration in the economic cycle could lead to slower revenue growth and higher credit costs.
  • The group’s balance sheet remains strong, comfortably meeting all the Basel III requirements.


Corporate actions

Date Company Share code Expectation
18 March 2019 FirstRand Namibia Limited FNB Cash Dividend
19 March 2019 AngloGold Ashanti Limited ANG Cash Dividend
19 March 2019 Bowler Metcalf Limited BCF Cash Dividend
19 March 2019 Bid Corporation Limited BID Cash Dividend
19 March 2019 British American Tobacco Plc BTI Cash Dividend
19 March 2019 The Bidvest Group Limited BVT Cash Dividend
19 March 2019 Comair Limited COM Cash Dividend
19 March 2019 Capitec Bank Holdings Limited Non-Redeemable Non-Cumulative Non-Participating Preference Shares CPIP Cash Dividend
19 March 2019 Cashbuild Limited CSB Cash Dividend
19 March 2019 Distell Group Holdings Limited DGH Cash Dividend
19 March 2019 Hammerson Plc HMN DRIP
Option 1 - (Cash Dividend)
PIDGross - ZAR1.3983336Less 20% Foreign Tax - ZAR0.27966672Net - ZAR1.1186669
Non-PID Gross - ZAR1.3983336Less 20% Local Tax - ZAR0.27966672Net - ZAR1.1186669
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
19 March 2019 Hyprop Investments Limited (REIT) HYP Cash Dividend
19 March 2019 Imperial Holdings Limited IPL Cash Dividend
19 March 2019 JSE Limited JSE Cash Dividend
19 March 2019 JSE Limited JSE Special Cash Dividend
19 March 2019 Motus Holdings Limited MTH Cash Dividend
19 March 2019 Nedbank :Limited Non-Redeemable Non-Cumulative Preference Shares NBKP Cash Dividend
19 March 2019 PSG Financial Services Limited Cumulative Non-Redeemable Non-Participating Preference Shares PGFP Cash Dividend
19 March 2019 Santam Limited SNT Cash Dividend
19 March 2019 Tower Property Fund Limited TWR 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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