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Better-than-expected economic data bolsters local currency

06 March 2019

Better-than-expected economic data bolsters local currency

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Market commentary

SA flag Icon
South Africa

Better-than-expected local economic data had little influence on the JSE on Tuesday as the local bourse shrugged off positive GDP data that showed growth in SA’s economy. At market close, the All Share was down 0.71%.

US flag Icon
United States

US stock futures traded lower on Tuesday despite optimism that Beijing and Washington would soon reach a trade agreement that would halt steep tariffs on billions of dollars’ worth of both Chinese and American goods. At the close of trade, the Dow was 0.05% lower.

EU flag Icon
Europe

Although Italy was confirmed to be back in a recession, better-than-expected economic data from Germany and France lifted Europe’s STOXX 600 index on Tuesday. The pan-European STOXX 600 index closed up 0.15%.

HK flag Icon
Hong Kong

The Hong Kong stock market was flat on Tuesday following China’s announcement of a reduction in its economic growth target and a vow to cut taxes. The Hang Seng ended the day 0.01% up.

Japan flag Icon
Japan

Following reports of Beijing’s downwardly revised economic growth target, the Nikkei plunged on Tuesday weighing heavily on corporations with large exposure to China. At market close, the Nikkei was down 0.44%.

Rand Icon
Rand

An upbeat GDP reading for the fourth quarter of 2018 lifted the local currency on Tuesday afternoon, keeping it above the psychologically important R14/$ mark. At 18h15, the rand traded at R14.18 against the dollar.

Precious metals Icon
Precious metals

Gold prices gravitated towards a five-week low on Tuesday amid a strengthened dollar environment while global stock markets came close to a five-month peak, denting the precious metal’s appeal. At 18h00, spot gold traded at $1 283.83 an ounce.

Oil Icon
Oil

Oil prices slipped on Tuesday pressured by the resumption of production in Libya’s biggest oil field and on expectations of growth in US crude inventories. At 18h00, a barrel of Brent crude traded at $65.44.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 55 815.43 - 0.71 2.97 8.15 - 1.13 - 0.53
Gold mining 1 517.54 - 0.61 5.16 32.07 48.68 37.98
Basic minerals 32 189.79 - 0.56 6.64 20.94 5.43 36.07
Industrial index 73 887.25 - 1.01 4.04 5.51 - 5.37 - 10.66
Financial 41 990.49 - 0.31 - 2.44 1.73 1.08 - 7.19
Fin + Ind 30 7 517.88 - 0.77 1.73 4.19 - 3.27 - 9.52
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) 25 806.63 - 0.05 1.92 3.68 0.48 6.16
S&P 500 PR (USD) 2 789.65 - 0.11 2.13 3.87 - 2.43 4.58
NASDAQ (USD) 7 576.36 - 0.02 2.51 6.14 - 4.72 4.47
FT-100 (GBP) 7 183.43 0.69 0.84 4.75 - 0.94 5.28
Hang Seng (HKD) 28 961.60 0.01 3.74 8.30 7.21 0.39
Nikkei 225 (JPY) 21 726.28 - 0.44 4.30 - 0.61 - 2.80 5.37
Paris CAC (EUR) 5 297.52 0.21 4.22 7.30 1.11 4.91
Frankfurt (EUR) 5 332.43 0.24 2.22 3.75 - 3.49 - 3.89
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 285.00 - 0.19 - 2.21 3.95 7.56 - 3.11
Platinum ($) 837.00 - 0.95 2.07 5.02 8.14 - 13.44
Brent Oil ($) 65.67 0.92 5.06 5.78 - 15.99 2.02
Rand/USD 14.19 0.13 -6.21 -1.84 7.48 -19.94
Rand/GBP 18.65 0.24 -6.73 -5.17 5.98 -13.84
Rand/EUR 16.04 0.40 -4.85 -1.42 10.09 -9.72
ALBI (R) 652.47 0.57 0.11 3.95 8.06 5.61
  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: SACCI Business Confidence FEB
  1. US: Balance of Trade DEC

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 3.88 7.95 8.02 8.07 7.79 7.46
PSG Wealth Income FoF D 3.36 7.72 7.85 8.34 7.97 8.18
PSG Wealth Preserver FoF D - 0.55 5.66 6.10 5.77 6.28 7.35
PSG Wealth Moderate FoF D - 3.32 3.49 5.48 5.03 5.32 6.99
PSG Wealth Creator FoF D - 3.16 0.61 4.47 5.23 3.58 5.80
PSG Wealth Global Moderate FF D - 7.39 17.01 8.23 2.57 6.65 7.72
PSG Wealth Global Creator FF D - 8.40 22.44 14.54 8.46 12.16 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D - 0.94 - 1.35 3.81 5.32 1.71 1.99
PSG Wealth Global Creator FoF D - 1.55 4.15 10.17 11.53 7.10 6.91
PSG Wealth Global Preserver FoF (USD) D 1.60 1.72 2.69 5.30 3.31 3.34
PSG Wealth Global Flexible FoF (USD) D 0.55 4.65 9.23 11.42 7.22 6.64
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D - 0.80 4.63 0.30 6.75 5.94 6.50
PSG Wealth Global Flexible FoF (GBP) D - 1.86 8.58 4.78 12.63 9.91 10.91
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.56 7.27 7.40 7.44 7.22 6.99
PSG Income A 4.25 8.02 8.37 8.51 8.04 7.79
PSG Diversified Income 2.80 6.21 7.49 7.85 7.79 7.65
PSG Stable A - 0.51 2.48 5.37 6.61 6.58 7.06
PSG Balanced A - 5.31 - 1.51 2.88 5.69 5.48 7.08
PSG Flexible A - 3.97 0.13 3.40 6.66 6.70 8.22
PSG SA Equity D - 6.36 - 13.04 - 3.06 5.35 - -
PSG Equity A - 6.78 - 4.88 0.44 6.99 3.76 6.12
PSG Global Flexible FF A - 8.61 15.06 6.72 5.44 7.89 -
PSG Global Equity FF A - 9.39 14.56 7.36 7.18 7.88 8.63
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 1.19 - 3.62 2.58 8.61 3.34 2.99
PSG Global Equity USD - 1.97 - 3.83 3.19 10.28 3.39 2.95
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 3.40 6.78 7.44 7.66 7.37 7.16
PSG Direct Low Equity - 1.22 1.80 4.73 6.16 6.09 6.70
PSG Direct Managed - 5.19 - 1.54 2.54 5.45 5.30 6.88
PSG Direct Aggressive - 5.91 1.34 2.92 6.22 5.84 -
PSG Direct Global Managed - 8.82 14.54 6.23 4.96 7.40 -
PSG Direct Global Aggressive - 9.30 14.24 6.64 6.05 7.40 -
  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 -3.97 -5.33 3.03 4.44 - -
PSG Wealth SA Property Equity Portfolio -4.58 -7.27 -3.61 -2.38 - -
PSG Wealth SA Dividend Income Equity Portfolio -4.14 -8.37 4.18 - - -
PSG Wealth Offshore Equity Portfolio (USD) 1.05 5.75 13.59 14.17 - -
PSG Wealth Managed Volatility Equity Portfolio -7.88 -10.08 -1.68 - - -
  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

  • 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
06 March 2019 Anglo American Platinum Limited AMS Cash Dividend
06 March 2019 BHP Group Plc BHP DRIP
Option 1 - (Cash Dividend) Gross - To be announced
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
06 March 2019 Caxton and CTP Publishers and Printers Limited CAT Odd-Lot Offer
06 March 2019 Caxton and CTP Publishers and Printers Limited CAT Specific Repurchase Offer
06 March 2019 City Lodge Hotels Limited CLH Cash Dividend
06 March 2019 Curro Holdings Limited COH Cash Dividend
06 March 2019 Emira Property Fund Limited (REIT) EMI Cash Dividend
06 March 2019 Grit Real Estate Income Group Limited GTR Cash Dividend
06 March 2019 Heriot REIT Limited HET Cash Dividend
06 March 2019 Italtile Limited ITE Cash Dividend
06 March 2019 Resilient REIT Limited RES Cash Dividend
06 March 2019 South32 Limited S32 Cash Dividend
06 March 2019 South32 Limited S32 Special Cash Dividend
06 March 2019 Tradehold Limited Cumulativ, Redeemable "B" Preference Shares TDHBP Cash Dividend
06 March 2019 Ecsponent Limited Class A Preference Share ECSP1 Cash Dividend
06 March 2019 Ecsponent Limited Class C Preference Share ECSP3 Cash Dividend
06 March 2019 Ecsponent Limited Class A Preference Share ECSP4 Cash Dividend
06 March 2019 Ecsponent Limited Class C Preference Share ECSP6 Cash Dividend
06 March 2019 Ecsponent Limited Class A Preference Share ECSP7 Cash Dividend
06 March 2019 Ecsponent Limited Class C Preference Share ECSP9 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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