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Comments by Moody’s weighed on the rand

07 August 2019

Comments by Moody’s weighed on the rand

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Special announcement

It is time for the annual Intellidex SA’s Top Stockbrokers survey. Take part by completing the survey here: http://www.intellidex.co.za/topbrokers2019


Market commentary

SA flag Icon
South Africa

While global equity markets endured a day of choppy trade on Tuesday, the local market held on to gains despite losing steam towards the close of business after the yuan stabilised. At the closing bell, the All Share was 0.17% in the green.

US flag Icon
United States

US shares opened stronger on Tuesday, recovering from the biggest one-day slide in 2019, after a stable yuan boosted tech shares. At 19h45, the Nasdaq was almost 1% up.

EU flag Icon
Europe

Tuesday marked another day of losses for European markets, weighed down by trade-war concerns, despite China fixing the yuan at a stronger rate and Germany releasing upbeat economic data. The STOXX 600 closed 0.47% lower.

HK flag Icon
Hong Kong

Although Chinese authorities took action on Tuesday to stabilise the yuan’s drop, the stock market continued to fall after Beijing was branded a “currency manipulator” by Washington, escalating the US-China trade tensions. The Hang Seng ended the day 0.67% down.

Japan flag Icon
Japan

Japanese shares hit a seven-month low as investors feared that the trade strife between the US and China might boil over into a full-blown economic war. At the closing bell, the Nikkei had lost 0.65%.

Rand Icon
Rand

The local currency suffered some late afternoon losses on Tuesday after Moody’s stated that “Eskom financial results is highlighted as an unsustainable capital structure and is in need of an urgent turnaround.” At 19h45, the rand traded R14.98 against the dollar.

Precious metals Icon
Precious metals

Gold prices enjoyed another day of hikes as investors continued to seek safe-haven assets in light of the US-China trade tensions. At 19h45, an ounce of spot gold traded at $1 472.27.

Oil Icon
Oil

Oil prices continued to feel pressure from the escalating tariff war between China and the US on Tuesday, losing about 9% in the past week. At 19h45, Brent crude was trading at $59.58 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 55 062.01 0.17 - 4.33 - 5.90 2.54 0.09
Gold mining 2 395.80 1.83 24.59 70.12 65.55 126.12
Basic minerals 31 194.79 0.02 - 5.06 - 3.68 4.92 13.61
Industrial index 76 679.19 0.27 - 2.06 - 3.78 7.91 - 2.83
Financial 38 069.96 0.12 - 8.19 - 12.39 - 9.46 - 6.36
Fin + Ind 30 7 464.43 0.22 - 4.07 - 6.65 1.77 - 3.95
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) 26 029.52 1.22 - 3.24 - 0.92 3.76 4.50
S&P 500 PR (USD) 2 881.77 1.31 - 3.52 - 1.22 6.56 3.16
NASDAQ (USD) 7 833.27 1.40 - 3.99 - 3.30 6.79 0.77
FT-100 (GBP) 7 171.69 - 0.72 - 5.00 - 1.95 2.52 - 2.27
Hang Seng (HKD) 25 976.24 - 0.67 - 9.73 - 9.22 - 4.88 - 3.29
Nikkei 225 (JPY) 20 585.31 - 0.65 - 5.33 - 7.29 - 0.27 - 6.57
MSCI World (USD) 6 135.65 0.57 - 4.30 - 12.39 4.22 - 0.29
Frankfurt (EUR) 5 164.34 - 0.78 - 7.96 - 5.85 2.15 - 8.18
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 461.85 0.30 3.35 15.10 11.31 20.61
Platinum ($) 855.00 0.35 2.76 0.23 4.91 2.76
Brent Oil ($) 58.94 - 1.45 - 8.24 - 17.27 - 5.98 - 20.08
Rand/USD 14.98 -1.15 -5.46 -4.06 -9.74 -11.51
Rand/GBP 18.21 -1.19 -2.39 2.70 -3.04 -4.79
Rand/EUR 16.79 -1.27 -5.34 -4.27 -8.49 -8.20
ALBI (R) 676.31 0.28 - 0.94 2.18 3.98 9.26
  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. Foreign Exchange Reserves JUL
  2. SACCI Business Confidence JUL
  1. FR: Balance of Trade JUN
  2. CN: Balance of Trade JUL (05h00 Thursday)
  3. JP: Current Account JUN (01h50 Thursday)

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 3.89 8.05 7.98 8.06 7.94 7.61
PSG Wealth Income FoF D 3.98 7.89 7.67 7.97 8.08 8.07
PSG Wealth Preserver FoF D 3.54 3.96 4.56 5.54 5.91 6.74
PSG Wealth Moderate FoF D 3.32 0.76 2.53 4.33 4.72 5.77
PSG Wealth Creator FoF D 0.06 - 3.56 - 0.30 2.53 2.52 2.99
PSG Wealth Global Moderate FF D 15.73 12.92 7.89 7.70 6.59 8.86
PSG Wealth Global Creator FF D 22.47 18.22 14.80 14.55 12.35 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 2.41 - 0.28 1.53 4.21 2.14 1.71
PSG Wealth Global Creator FoF D 7.45 3.68 7.71 10.53 7.44 7.27
PSG Wealth Global Preserver FoF (USD) D 2.79 3.39 2.14 3.46 4.20 3.10
PSG Wealth Global Flexible FoF (USD) D 4.38 2.93 5.80 9.02 7.71 5.86
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 7.60 8.26 4.82 5.50 8.84 7.66
PSG Wealth Global Flexible FoF (GBP) D 11.46 10.17 9.08 11.32 12.81 12.15
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.57 7.30 7.34 7.45 7.32 7.13
PSG Income A 3.98 8.25 8.23 8.36 8.23 7.88
PSG Diversified Income 3.04 6.17 6.99 7.53 7.64 7.60
PSG Stable A - 1.64 - 1.03 2.88 4.65 5.03 5.90
PSG Balanced A - 5.67 - 8.08 - 1.47 2.40 2.83 4.68
PSG Flexible A - 5.32 - 7.05 - 1.15 2.94 3.69 5.45
PSG SA Equity D - 14.43 - 17.76 - 8.90 - 2.62 - -
PSG Equity A - 9.92 - 13.19 - 5.35 0.77 0.64 1.91
PSG Global Flexible FF A 3.13 - 0.21 1.63 6.15 5.28 -
PSG Global Equity FF A 1.47 - 2.72 1.47 6.80 5.24 6.82
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 10.20 - 12.84 - 4.71 2.48 0.87 0.46
PSG Global Equity USD - 11.78 - 15.00 - 4.97 3.05 0.70 0.08
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 3.35 6.89 7.18 7.46 7.42 7.21
PSG Direct Low Equity - 1.93 - 1.81 2.18 4.20 4.55 5.47
PSG Direct Managed - 5.80 - 8.24 - 1.83 2.07 2.58 4.39
PSG Direct Aggressive - 5.09 - 7.73 - 2.07 2.66 2.89 -
PSG Direct Global Managed 2.90 - 0.67 1.17 5.67 4.80 -
PSG Direct Global Aggressive 1.86 - 2.23 1.08 6.08 4.78 -
  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 -5.57 -10.26 -2.45 0.80 - -
PSG Wealth SA Property Equity Portfolio -12.43 -12.57 -10.07 -5.55 - -
PSG Wealth SA Dividend Income Equity Portfolio -8.74 -12.27 -0.81 1.24 - -
PSG Wealth Offshore Equity Portfolio (USD) 3.85 4.29 9.15 11.73 - -
PSG Wealth Managed Volatility Equity Portfolio -9.02 -16.15 -6.49 -4.34 - -
  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 HMN SJ is underweight; click here to read the full report on our secure site.
  • Hammerson’s direct property portfolio is not diversified across sectors as the portfolio consists of retail assets only. However, it is diversified geographically with flagship destinations in the UK, France and Ireland.
  • The group’s dividend yield is trading above its long-term average and is well above the yield offered by its peers.


company logo

Highlights

  • Our recommendation for ITU SJ is underweight; click here to read the full report on our secure site.
  • Intu’s direct property portfolio is undiversified across sectors as the portfolio consists of retail assets only and, geographically, the majority of the portfolio is held in the UK.
  • In 2018, the demand for prime shopping centres has significantly fallen due to the uncertainty of Brexit, the structural change in retail and the higher-than-normal level of administrations, and company-voluntary arrangements.


company logo

Highlights

  • Our recommendation for MND SJ is overweight; click here to read the full report on our secure site.
  • Mondi has shown robust operating performance and strong cost control.
  • Although macroeconomic uncertainties remain due to Brexit and the stability of the Eurozone, the group is focused on delivering accretive growth through its strong brand and good structural growth drivers.


Corporate actions

Date Company Share code Expectation
  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


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