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Markets await new catalysts

27 November 2019

Markets await new catalysts

Daily Investment Update

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Market commentary

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South Africa

Subdued Asian markets had a negative impact on the JSE on Tuesday as investors waited for new catalysts from the US-China trade talks. At the closing bell, the JSE All Share was down 1.22%.

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United States

Wall Street indices were flat on Tuesday after retailers delivered mixed results, while investors sought clarity on the changing narratives from the US-China trade talks. Shortly after the JSE closed, the Dow was flat at 0.08%.

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Europe

Dragged by London’s Compass Group, European markets opened lower on Tuesday, after the market heavyweight reported sluggish growth in its European business. At 18h15, the pan-European STOXX 600 Index climbed 0.15%.

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Hong Kong

Alibaba Group shares slightly lifted the overall equity market in early trade on Tuesday, but markets ended lower due to profit-taking. The Hang Seng fell by 0.29%.

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Japan

A rally in electronics and semiconductor-related stocks boosted Japan’s Nikkei to record highs on Tuesday amid a weakened yen environment. At close of trade, the Nikkei recorded a gain of 0.35%.

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Rand

The local currency weakened against the dollar on Tuesday as investors waited for more developments from the US-China trade talks. At 18h30, the dollar was trading at R14.80.

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Precious metals

Gold prices edged higher on Tuesday on easing signs of a partial trade pact between Washington and Beijing that could end a 16-month long trade war. An ounce of spot gold traded at $1 460.25 at 18h35.

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Oil

Oil prices rose on Tuesday after a JPMorgan analyst said “the OPEC supply cut deal could be extended to the end of 2020”, while oil traders held onto the prospect of a trade pact. At 18h45, a barrel of Brent crude was up 0.40% and traded at $63.91.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 56 053.38 - 1.22 1.75 5.58 4.86 12.30
Gold mining 2 329.41 - 1.96 - 11.03 - 12.33 69.63 107.73
Basic minerals 33 691.33 - 0.16 4.28 11.36 13.41 34.63
Industrial index 74 832.15 - 1.46 2.04 0.80 2.87 8.76
Financial 39 204.80 - 2.04 - 1.57 8.33 - 1.06 - 1.37
Fin + Ind 30 7 415.89 - 1.67 0.71 3.26 1.66 5.30
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) 28 121.68 0.20 4.61 9.21 11.24 16.91
S&P 500 PR (USD) 3 140.52 0.22 4.11 9.64 12.23 19.88
NASDAQ (USD) 8 632.49 1.32 4.87 11.66 13.65 25.78
FT-100 (GBP) 7 403.14 0.09 1.44 5.20 3.98 10.03
Hang Seng (HKD) 26 913.92 - 0.29 1.01 5.70 0.67 5.75
Nikkei 225 (JPY) 23 373.32 0.35 2.53 16.31 11.86 9.48
MSCI World (USD) 6 714.50 0.18 3.39 8.33 10.46 17.08
Frankfurt (EUR) 5 906.50 - 0.08 2.65 13.54 10.20 16.57
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 457.65 - 0.12 - 3.12 - 2.53 13.75 18.83
Platinum ($) 899.00 0.67 - 3.13 4.53 11.54 6.26
Brent Oil ($) 64.27 0.97 3.63 9.49 - 6.43 6.27
Rand/USD 14.81 - 0.31 - 1.27 3.94 0.11 - 6.49
Rand/GBP 19.04 0.00 - 1.58 - 1.20 - 1.84 - 6.86
Rand/EUR 16.31 - 0.29 - 0.63 4.55 1.16 - 3.47
ALBI (R) 683.54 - 0.05 - 2.18 0.30 1.81 9.07
  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: Business Confidence Q4
  1. US: GDP Growth Rate Est Q3
  2. DE: Import Prices OCT

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 3.86 7.96 7.95 8.01 7.99 7.74
PSG Wealth Income FoF D 3.75 8.11 7.80 8.07 8.04 8.08
PSG Wealth Preserver FoF D 3.34 7.71 3.96 6.03 5.76 6.60
PSG Wealth Moderate FoF D 3.73 8.82 1.70 5.58 5.10 5.89
PSG Wealth Creator FoF D 4.95 10.19 - 1.22 4.51 4.20 4.01
PSG Wealth Global Moderate FF D 8.82 16.99 5.20 7.59 5.79 8.85
PSG Wealth Global Creator FF D 11.63 26.83 11.62 15.05 11.54 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 6.37 10.68 2.57 6.16 4.55 2.67
PSG Wealth Global Creator FoF D 9.89 19.74 8.66 13.35 10.09 8.21
PSG Wealth Global Preserver FoF (USD) D 3.22 7.76 3.08 4.65 5.24 3.79
PSG Wealth Global Flexible FoF (USD) D 6.49 14.53 6.80 11.29 9.79 7.48
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 2.06 6.93 4.26 3.93 8.29 6.47
PSG Wealth Global Flexible FoF (GBP) D 4.99 13.42 8.08 9.47 13.03 10.67
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.58 7.27 7.29 7.40 7.35 7.17
PSG Income A 3.85 8.20 8.44 8.38 8.27 7.93
PSG Diversified Income 3.03 6.66 7.12 7.49 7.56 7.61
PSG Stable A 0.62 0.76 2.76 4.41 5.39 5.90
PSG Balanced A - 0.71 - 4.23 - 1.87 1.69 3.90 4.61
PSG Flexible A 0.64 - 2.79 - 1.64 1.88 5.14 5.51
PSG SA Equity D - 7.46 - 13.40 - 9.03 - 4.38 - -
PSG Equity A - 2.99 - 8.44 - 5.96 - 1.08 3.65 2.12
PSG Global Flexible FF A 3.99 0.25 - 2.03 2.89 5.04 -
PSG Global Equity FF A 4.01 - 1.21 - 2.45 3.42 5.57 6.66
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A 1.78 - 4.52 - 3.88 2.04 4.48 1.46
PSG Global Equity USD 1.87 - 5.59 - 4.12 2.65 5.01 1.20
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 3.28 7.04 7.34 7.45 7.42 7.24
PSG Direct Low Equity 0.54 0.24 2.05 3.90 4.99 5.46
PSG Direct Managed - 0.60 - 4.30 - 2.25 1.28 3.74 4.36
PSG Direct Aggressive 0.09 - 4.14 - 3.26 0.90 4.41 -
PSG Direct Global Managed 3.75 - 0.20 - 2.47 2.42 4.56 -
PSG Direct Global Aggressive 3.77 - 1.11 - 2.73 2.76 4.90 -
  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 0.03 0.32 - 2.48 1.42 3.01 -
PSG Wealth SA Property Equity Portfolio 0.45 - 6.47 - 6.77 - 2.09 - -
PSG Wealth SA Dividend Income Equity Portfolio - 1.96 0.32 - 1.33 3.09 - -
PSG Wealth Offshore Equity Portfolio (USD) 9.31 17.55 10.70 16.34 12.98 -
PSG Wealth Managed Volatility Equity Portfolio - 2.87 - 3.68 - 5.67 - 3.06 - -
  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 BHP AU is neutral; click here to read the full report on our secure site.
  • BHP’s revenue (c.70%) is geared to minerals whose performance is predominantly correlated to economic growth.
  • oAn economic downturn presents structural near-term headwinds for industrial metal prices as weak business and consumer confidence customarily dampens base metal commodity demand. We, therefore, expect steel demand to be under pressure going into FY20e.


company logo

Highlights

  • Our recommendation for MC FP is neutral; click here to read the full report on our secure site.
  • It has strong brand momentum in a growing industry, and we feel that that the current valuation fairly values the attractive quality characteristics
  • We do, however, remain wary of any potential deterioration in the economic cycle and its potential impact on the group.


company logo

Highlights

  • Our recommendation for INGA AMS is neutral; click here to read the full report on our secure site.
  • The group’s high dividend yield remains attractive and management is committed to maintaining a Return On Equity between 10% and 12%.
  • Adjusted earnings per share were up 3% to 66 cents and the group declared a flat interim dividend of 12 cents.


Corporate actions

Date Company Share code Expectation
27 November 2019 Afrimat Limited AFT Cash Dividend
27 November 2019 Capital & Regional Plc CRP Cash Dividend
27 November 2019 Dis-Chem Pharmacies Limited DCP Cash Dividend
27 November 2019 Investec Bank (Mauritius) Limited Redeemable Cumulative Non-Participating No Par Value Preference Shares IMRP1 Cash Dividend
27 November 2019 Lighthouse Capital Limited LTE Capital Distribution
27 November 2019 Oasis Crescent Property Fund (REIT) OAS DRIP
Option 1 - (Cash Dividend) Gross - ZAR0.522132081Less 20% DWT - ZAR0.104426416Net - ZAR0.417705665
Option 2 (Reinvestment)Reinvestment Price - ZAR22.45
Default - Option 2 (Reinvestment)
27 November 2019 Raubex Group Limited RBX Cash Dividend
27 November 2019 Telkom SA SOC Limited TKG Cash Dividend
27 November 2019 Vodacom Group Limited VOD Cash Dividend
27 November 2019 Vodacom Group Limited VOD Cash Dividend
27 November 2019 Vodacom Group Limited VOD Special Cash Dividend
27 November 2019 Vodacom Group Limited VOD Special 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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