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Optimistic comments by China boost markets

30 August 2019

Optimistic comments by China boost markets

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Market commentary

SA flag Icon
South Africa

Following global markets’ lead, the JSE closed higher on Thursday in light of China expressing their desires for smoother negotiations with the US, which lifted sentiment. The JSE All Share closed 0.57% up.

US flag Icon
United States

US indices started Thursday off sprinting, thanks to China lifting hopes that a conclusion to the trade war with the US might be in sight. At 19h10, the Nasdaq was 1.54% in the green.

EU flag Icon
Europe

European markets bounced back from a weak opening on Thursday afternoon, boosted by a rally in Italian shares and optimistic comments by China regarding the tariff war. The STOXX 600 ended the day 1.04% higher.

HK flag Icon
Hong Kong

Despite starting Thursday down, Asian shares made up gains towards the close of trade on new comments from China raising hopes that the two superpowers could reach an agreement. The Hang Seng Index rose 0.47%.

Japan flag Icon
Japan

Japanese markets posted losses on Thursday as investors acted with caution due to the latest Brexit developments and the continuous tariff-war conflict, signalling possible turbulence in the financial markets. The Nikkei Index closed 0.01% lower.

Rand Icon
Rand

The rand led gains in emerging-market currencies towards the end of trade after Chinese officials announced that they “hope the US will create conducive conditions for the two to negotiate trade terms next month”. At 19h10, a dollar traded at R15.29.

Precious metals Icon
Precious metals

Bullion prices had a stellar Thursday with silver reaching its highest point in over two years, palladium rising 1% and platinum 2.80%; the highest platinum's been in about 18 months. At 19h10, an ounce of spot gold traded at R1 526.97.

Oil Icon
Oil

Oil recorded another day of gains on Thursday due to the sharp drop in US stockpiles and concerns that the approaching Hurricane Dorian might dampen offshore US oil production. At 19h10, a barrel of Brent crude traded at $60.78.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 54 411.47 0.29 - 6.00 - 0.56 - 1.01 - 6.46
Gold mining 2 657.44 - 1.71 25.25 82.07 63.67 173.00
Basic minerals 31 594.22 0.52 - 3.85 2.03 0.01 8.76
Industrial index 75 468.31 0.54 - 5.78 2.12 3.88 - 10.55
Financial 36 896.95 - 0.55 - 8.88 - 8.64 - 11.24 - 12.16
Fin + Ind 30 7 311.49 0.20 - 6.76 - 1.47 - 1.35 - 11.03
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) 26 362.25 1.30 - 2.80 5.60 2.96 3.33
S&P 500 PR (USD) 2 924.58 1.29 - 2.97 5.63 6.07 2.43
NASDAQ (USD) 7 973.39 1.49 - 3.71 5.95 6.43 - 0.58
FT-100 (GBP) 7 184.32 0.99 - 5.62 1.38 4.34 - 0.61
Hang Seng (HKD) 25 703.50 0.47 - 8.22 - 4.18 - 7.88 - 6.18
Nikkei 225 (JPY) 20 460.93 - 0.01 - 5.27 - 2.28 - 3.24 - 8.51
MSCI World (USD) 6 215.91 1.01 - 3.40 - 8.64 3.45 - 0.68
Frankfurt (EUR) 5 285.29 1.18 - 4.66 0.01 2.81 - 5.75
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 536.65 - 0.33 8.29 19.72 15.93 27.60
Platinum ($) 916.00 5.53 5.65 15.08 4.81 15.66
Brent Oil ($) 61.08 0.98 - 4.13 - 12.05 - 7.50 - 20.82
Rand/USD 15.34 0.48 - 8.14 - 5.36 - 9.02 - 6.47
Rand/GBP 18.68 0.68 - 8.34 - 1.50 - 0.10 0.50
Rand/EUR 16.94 0.82 - 7.07 - 4.12 - 5.87 - 0.52
ALBI (R) 684.70 0.13 1.36 2.63 5.56 10.75
  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. Balance of trade JUL
  1. DE: Retail sales JUL
  2. IT: GDP growth rate 2Q19
  3. US: Personal spending JUL
  4. CN: NBS Manufacturing PMI AUG

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 3.92 8.05 8.00 8.09 7.97 7.69
PSG Wealth Income FoF D 4.08 7.53 7.73 8.02 8.12 8.10
PSG Wealth Preserver FoF D 1.32 1.14 4.37 5.03 5.93 6.45
PSG Wealth Moderate FoF D - 0.88 - 3.83 1.98 3.46 4.84 5.32
PSG Wealth Creator FoF D - 5.39 - 9.25 - 1.43 1.46 2.97 2.57
PSG Wealth Global Moderate FF D 10.97 8.62 10.38 7.10 7.50 9.00
PSG Wealth Global Creator FF D 14.20 11.67 17.16 13.44 13.43 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 1.09 - 0.88 1.67 3.91 3.32 1.33
PSG Wealth Global Creator FoF D 3.92 1.44 7.80 9.97 8.93 6.60
PSG Wealth Global Preserver FoF (USD) D 2.20 3.34 2.17 3.19 4.93 3.00
PSG Wealth Global Flexible FoF (USD) D 1.76 1.74 6.14 8.40 8.99 5.66
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 8.52 6.83 4.18 5.08 9.20 7.22
PSG Wealth Global Flexible FoF (GBP) D 10.07 6.99 8.08 10.29 13.72 11.37
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.00 7.30 7.34 7.45 7.32 7.13
PSG Income A 4.01 8.32 8.18 8.45 8.25 7.90
PSG Diversified Income 2.97 5.71 6.88 7.55 7.65 7.59
PSG Stable A - 4.05 - 4.63 1.60 3.78 4.79 5.48
PSG Balanced A - 9.84 - 14.38 - 3.85 0.74 2.45 3.94
PSG Flexible A - 9.35 - 12.66 - 3.01 1.56 3.65 5.00
PSG SA Equity D - 17.45 - 23.82 - 12.64 - 4.38 - -
PSG Equity A - 14.77 - 20.33 - 8.13 - 0.98 0.65 1.21
PSG Global Flexible FF A - 5.86 - 8.54 1.33 3.42 4.89 -
PSG Global Equity FF A - 8.66 - 12.02 0.62 3.59 4.96 5.59
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 14.36 - 17.12 - 6.52 0.65 1.38 - 0.65
PSG Global Equity USD - 16.47 - 20.01 - 6.96 0.95 1.46 - 1.24
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 6.75 7.12 7.52 7.44 7.21
PSG Direct Low Equity - 4.33 - 5.52 0.86 3.32 4.33 5.06
PSG Direct Managed - 9.92 - 14.34 - 4.07 0.49 2.29 3.73
PSG Direct Aggressive - 10.36 - 14.32 - 3.88 0.90 2.79 -
PSG Direct Global Managed - 6.07 - 8.96 0.87 2.95 4.42 -
PSG Direct Global Aggressive - 7.84 - 11.14 0.44 3.06 4.46 -
  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 - 9.66 - 16.23 - 4.64 - 1.18 2.42 -
PSG Wealth SA Property Equity Portfolio - 10.46 - 15.64 - 9.42 - 6.37 - -
PSG Wealth SA Dividend Income Equity Portfolio - 11.39 - 17.94 - 3.32 0.57 - -
PSG Wealth Offshore Equity Portfolio (USD) 3.67 3.91 10.05 12.37 - -
PSG Wealth Managed Volatility Equity Portfolio - 12.41 - 20.36 - 8.74 - 5.68 - -
  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 NKE US is underweight; click here to read the full report on our secure site.
  • NIKE is a quality retailer, which continuously exhibits broad-based and strong top-line growth.
  • NIKE is a well-run company with a growing market share in a structural growth market and plans to enhance margins even further. We do, however, feel that these attractive growth prospects are fully reflected in the current valuation.


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Highlights

  • Our recommendation for ATT SJ is overweight; click here to read the full report on our secure site.
  • Attacq's direct property portfolio is diversified across sectors.
  • While domestic property fundamentals are under pressure, we believe the share is undervalued, trading at a 44% discount to its NAV of 2 365.80 cents per share, with risks mentioned in our report reflected in the price.


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Highlights

  • Our recommendation for AVI SJ is neutral; click here to read the full report on our secure site.
  • AVI is a high-quality food producer with a strong balance sheet and sound cash generation.
  • Earnings and operating margins have come under pressure lately due to sales volume weakness due to constrained consumer spending and consumers trading down on premium products.

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Author
author

Adriaan Pask PhD

Chief Investment Officer


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