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Positive US data lift equities

06 May 2019

Positive US data lift equities

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Market commentary

SA flag Icon
South Africa

The local market ended the week on a high note, rising to 59 335.90 points by close of business on Friday. Gains were supported by platinum miners and banks. At the close of trade, the All Share was 1.01% in the green.

US flag Icon
United States

US indices opened on a high on Friday as robust US job growth in April pointed to a solid US economy and the steady wage growth supported the US Federal Reserve Bank’s (Fed) call regarding interest rates. Shortly after the JSE closed, the Dow was 0.45% up.

EU flag Icon
Europe

On Friday, European markets made up losses from Thursday due to the strong performances by Adidas and HSBC as well as the increase in US jobs data. At the end of trade, the STOXX 600 was 0.39% higher.

HK flag Icon
Hong Kong

It was mainly a quiet trading day on Friday as Chinese markets were closed for a public holiday, but the Hang Seng rose on the back of HSBC Holdings outperforming its earnings estimates. The Hang Seng closed up 0.47%.

Japan flag Icon
Japan

Markets were closed due to a public holiday.

Rand Icon
Rand

On Friday, the local currency had the biggest growth spurt of all emerging market currencies based on the weaker-than-expected US wage growth and speculation that the Fed will not raise interest rates soon. At 17h50, the rand traded R14.39 against the dollar, R16.09 against the euro and R18.91 against the pound.

Precious metals Icon
Precious metals

Gold prices climbed on Friday, almost reaching its biggest daily rise in two months, due to the dollar retreating. At 17h50, spot gold was trading at $1 280.34 an ounce.

Oil Icon
Oil

Although it climbed somewhat on Friday, crude prices ended the week lower. The price was boosted by positive US jobs data and the sanctions on Iran and Venezuela tightened oil production. At 17h50, Brent crude was trading at $71.63 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 59 335.90 1.01 2.79 11.44 11.17 7.06
Gold mining 1 404.70 1.50 - 8.25 - 5.23 24.37 23.14
Basic minerals 32 706.98 1.47 - 4.89 11.53 15.19 27.01
Industrial index 81 237.90 0.85 6.09 16.33 12.17 1.50
Financial 43 793.54 0.87 4.90 2.84 5.61 1.61
Fin + Ind 30 8 120.44 0.85 5.69 11.45 9.89 1.52
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) 26 504.95 0.75 1.19 6.36 6.13 13.35
S&P 500 PR (USD) 2 945.64 0.97 2.64 9.37 9.30 14.28
NASDAQ (USD) 8 164.00 1.59 3.44 12.70 11.60 16.45
FT-100 (GBP) 7 380.64 0.40 - 0.04 6.84 6.41 2.73
Hang Seng (HKD) 30 081.55 0.47 0.34 8.13 14.20 2.70
Nikkei 225 (JPY) 22 258.73 - 0.22 4.97 8.10 2.66 1.15
Paris CAC (EUR) 5 548.84 0.19 2.04 11.35 9.83 3.28
Frankfurt (EUR) 5 649.76 0.55 3.83 11.02 7.76 - 2.19
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 270.05 - 0.11 - 1.69 - 3.84 2.80 - 3.29
Platinum ($) 853.00 - 1.04 - 0.81 3.77 - 1.39 - 5.33
Brent Oil ($) 70.85 0.14 2.22 12.91 - 2.72 - 3.76
Rand/USD 14.48 0.34 -2.47 -8.09 -3.07 -15.04
Rand/GBP 19.00 -0.31 -2.90 -8.80 -2.92 -11.13
Rand/EUR 16.21 0.15 -2.13 -5.82 -0.63 -7.37
ALBI (R) 662.73 0.02 - 0.13 1.68 7.48 6.34

  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: Standard Bank PMI APR
  1. EU: Markit Services PMI Final APR
  2. EU: Retail Sales MAR
  3. JPN: Nikkei Manufacturing PMI Final APR

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 7.96 8.02 8.10 7.87 7.52
PSG Wealth Income FoF D 4.12 7.52 7.90 8.34 8.12 8.14
PSG Wealth Preserver FoF D 4.44 5.89 6.26 6.34 6.45 7.47
PSG Wealth Moderate FoF D 5.05 4.72 5.65 5.74 5.54 7.14
PSG Wealth Creator FoF D 5.31 2.27 4.53 5.23 3.48 5.45
PSG Wealth Global Moderate FF D 6.85 15.97 8.59 5.38 6.88 8.75
PSG Wealth Global Creator FF D 11.80 24.96 15.88 12.61 13.40 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 4.90 1.20 3.75 4.57 1.69 1.94
PSG Wealth Global Creator FoF D 8.58 8.65 10.47 11.56 7.84 7.50
PSG Wealth Global Preserver FoF (USD) D 4.29 3.88 3.14 4.62 3.36 3.41
PSG Wealth Global Flexible FoF (USD) D 8.15 8.83 9.04 10.61 7.51 6.83
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 3.60 6.61 2.82 7.37 6.34 6.85
PSG Wealth Global Flexible FoF (GBP) D 7.34 13.20 7.59 13.50 10.55 11.55
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 2.97 6.65 7.07 7.25 7.10 6.92
PSG Income A 4.25 8.09 8.30 8.48 8.14 7.84
PSG Diversified Income 3.63 6.56 7.50 7.94 7.80 7.69
PSG Stable A 1.18 2.45 5.37 6.33 6.24 6.96
PSG Balanced A - 2.20 - 1.12 3.11 5.28 4.65 6.64
PSG Flexible A - 1.68 - 0.29 3.57 5.80 5.66 7.52
PSG SA Equity D - 4.39 - 9.84 - 1.01 3.03 - -
PSG Equity A - 3.94 - 4.26 1.19 5.34 2.80 5.15
PSG Global Flexible FF A - 1.40 8.64 5.28 6.37 6.98 -
PSG Global Equity FF A - 2.20 7.76 5.74 7.86 6.89 8.12
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 3.30 - 5.64 0.59 5.68 1.99 1.93
PSG Global Equity USD - 4.06 - 6.23 1.03 7.15 1.87 1.73
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 3.64 6.88 7.38 7.65 7.41 7.19
PSG Direct Low Equity 0.64 1.93 4.79 5.92 5.70 6.55
PSG Direct Managed - 2.29 - 1.36 2.76 4.93 4.43 6.38
PSG Direct Aggressive - 2.42 0.09 2.94 5.51 4.85 -
PSG Direct Global Managed - 1.63 8.14 4.80 5.89 6.49 -
PSG Direct Global Aggressive - 2.12 7.60 5.10 6.83 6.45 -

  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 2.67 -3.38 3.21 4.19 - -
PSG Wealth SA Property Equity Portfolio -4.50 -10.92 -4.63 -4.63 - -
PSG Wealth SA Dividend Income Equity Portfolio 2.48 -6.08 5.52 4.78 - -
PSG Wealth Offshore Equity Portfolio (USD) 8.06 10.97 13.89 13.87 - -
PSG Wealth Managed Volatility Equity Portfolio -2.06 -10.44 -2.32 - - -

  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

  • We recommend an overweight positioning for TRU SJ; click here to read the full report
  • Return on equity has been under pressure given top-line growth that has been muted given the challenging macro environment.
  • Stronger top-line growth remains the group’s greatest challenge and is largely influenced by economic activity and merchandise inflation.


company logo

Highlights

  • We recommend an overweight positioning for SPG SJ; click here to read the full report
  • Management believes that recent contract wins in the consumer-facing operations and the strong African commodities environment, combined with improved operational efficiencies, should support earnings.
  • A more market-friendly economic approach by the government (post elections) could provide further impetus to earnings of the locally focussed operations


company logo

Highlights

  • We recommend an underweight positioning for NPN SJ; click here to read the full report
  • We feel regulatory changes and slower advertising growth due to a more difficult Chinese macroenvironment are evolving into a significant headwind.
  • This might impact earnings from both the gaming as well as the advertising operations, which are the drivers of sustained earnings growth.


Corporate actions

Date Company Share code Expectation
07 May 2019 Afrocentric Investment Corporation Limited ACT Cash Dividend
07 May 2019 Anheuser-Busch InBev SA/NV ANH Mandatory Offer
07 May 2019 Exxaro Resources Limited EXX Cash Dividend
07 May 2019 Global Asset Management Limited GAM Mandatory Offer
07 May 2019 PSG Konsult Limited KST Cash Dividend
07 May 2019 Netcare Ltd Non-Redeemable, Non-Participating, Non-Convertibale Preference Shares NTCP Cash Dividend
07 May 2019 Newbelco Restricted Shares UNBL Cash Dividend
07 May 2019 Workforce Holdings Limited WKF Cash Dividend
07 May 2019 Zeder Investments Limited ZED Cash Dividend
07 May 2019 Ecsponent Limited Class A Preference Share ECSP1 Cash Dividend
07 May 2019 Ecsponent Limited Class A Preference Share ECSP10 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP12 Cash Dividend
07 May 2019 Ecsponent Limited Class A Preference Share ECSP13 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP15 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP18 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP21 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP24 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP3 Cash Dividend
07 May 2019 Ecsponent Limited Class A Preference Share ECSP4 Cash Dividend
07 May 2019 Ecsponent Limited Class C Preference Share ECSP6 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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