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News of renewed Chinese stimulus had little impact on investors

07 March 2019

News of renewed Chinese stimulus had little impact on investors

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Market commentary

SA flag Icon
South Africa

The local bourse surged on broad-based gains, led by a stellar performance by market heavyweight Naspers on Wednesday, with only the resources index under pressure from a sharp decline by BHP. At 18h00, the All Share was 0.72% higher.

US flag Icon
United States

Wall Street remained subdued on Wednesday in the absence of new developments on trade negotiations between Beijing and Washington, with investors taking a breather after a solid run in equities since the beginning of the year. At 18h00, the Dow had fallen 0.30%.

EU flag Icon
Europe

European shares endured a choppy day of trade on Wednesday as poor performance by the auto sector weighed heavily on the markets and dragged investors’ confidence. At 18h00, the pan-European STOXX 600 index was up 0.09%.

HK flag Icon
Hong Kong

Boosted by optimism that Beijing is set to add more economic stimulus to fix the ailing economy, Hong Kong shares traded higher on Wednesday, while investors kept a close eye on developments in the US-Sino trade negotiations. The Hang Seng ended the day 0.26% higher.

Japan flag Icon
Japan

The Nikkei continued to drop further away from a three-month crest on Wednesday after US shares remained subdued, while investors in the retail sector disregarded reports that North Korea had rebuilt a missile launch site days after a summit between Trump and Jong-un failed to denuclearise the Korean Peninsula. At 18h20, the Nikkei had lost 0.54%.

Rand Icon
Rand

The rand weakened against major global currencies on Wednesday with the local markets uninspired by the absence of new developments in the US-China trade talks. At 18h30, the rand traded R14.20 against the dollar.

Precious metals Icon
Precious metals

Gold prices slipped on Wednesday amid a strengthened dollar environment as a higher appetite for riskier assets weakened the appeal of the precious metal. At 18h30, spot gold was trading at $1 286.29 an ounce.

Oil Icon
Oil

Oil prices fell on Wednesday as strong output forecasts by US producers outweighed Opec-led efforts to rein in crude production. At 18h35, a barrel of Brent crude was trading at $65.55.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 56 073.86 0.72 3.01 10.86 - 0.47 - 2.06
Gold mining 1 536.93 1.28 5.85 27.95 49.88 35.83
Basic minerals 32 319.24 1.30 7.62 23.08 7.97 33.41
Industrial index 74 415.64 0.72 3.85 8.53 - 4.70 - 11.93
Financial 42 014.32 0.12 - 2.89 4.23 - 0.08 - 8.71
Fin + Ind 30 7 554.73 0.52 1.46 7.03 - 3.18 - 10.87
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) 25 673.46 - 0.52 1.47 3.46 - 0.14 5.57
S&P 500 PR (USD) 2 771.45 - 0.65 1.68 3.32 - 2.73 3.63
NASDAQ (USD) 7 506.85 - 0.02 2.51 6.14 - 4.72 4.47
FT-100 (GBP) 7 196.00 0.18 1.08 8.33 - 0.01 5.01
Hang Seng (HKD) 29 037.60 0.26 4.01 11.33 8.45 - 1.41
Nikkei 225 (JPY) 21 596.81 - 0.60 3.54 0.71 - 2.98 2.91
Paris CAC (EUR) 5 288.81 - 0.16 4.13 10.80 1.26 4.68
Frankfurt (EUR) 5 317.21 - 0.28 2.32 7.18 - 3.07 - 4.34
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 285.55 0.04 - 2.12 3.97 6.75 - 2.97
Platinum ($) 831.00 - 0.72 1.96 5.06 5.19 - 13.44
Brent Oil ($) 65.86 0.29 6.26 6.99 - 14.77 0.49
Rand/USD 14.26 -0.46 -6.42 -1.53 6.64 -20.54
Rand/GBP 18.79 -0.74 -7.57 -4.79 4.72 -14.31
Rand/EUR 16.12 -0.52 -5.23 -0.91 8.57 -9.73
ALBI (R) 651.87 - 0.09 0.23 4.57 7.62 4.39
  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: Current Account Q4
  1. JP: Leading Economic Index JAN
  2. EA: GDP Growth Rate Q4

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 3.93 7.99 8.05 8.09 7.80 7.47
PSG Wealth Income FoF D 3.34 7.70 7.87 8.35 8.00 8.18
PSG Wealth Preserver FoF D - 0.68 5.63 5.98 5.69 6.27 7.29
PSG Wealth Moderate FoF D - 3.59 3.31 5.25 4.88 5.28 6.85
PSG Wealth Creator FoF D - 3.26 - 0.18 4.11 4.99 3.45 5.52
PSG Wealth Global Moderate FF D - 9.30 17.31 7.85 2.33 6.59 7.80
PSG Wealth Global Creator FF D - 9.92 24.20 14.42 8.39 12.30 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D - 0.83 - 1.74 3.71 5.24 1.80 1.83
PSG Wealth Global Creator FoF D - 1.40 3.23 9.94 11.37 6.98 6.70
PSG Wealth Global Preserver FoF (USD) D 1.78 1.68 2.69 5.30 3.34 3.34
PSG Wealth Global Flexible FoF (USD) D 1.04 4.24 9.11 11.34 7.25 6.59
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D - 0.16 5.14 0.39 6.82 5.85 6.54
PSG Wealth Global Flexible FoF (GBP) D - 1.56 8.85 4.76 12.62 9.77 10.90
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.56 7.27 7.40 7.44 7.22 6.99
PSG Income A 4.27 8.01 8.38 8.52 8.04 7.79
PSG Diversified Income 2.88 6.24 7.51 7.87 7.80 7.65
PSG Stable A - 0.44 2.38 5.30 6.56 6.52 7.01
PSG Balanced A - 5.33 - 1.76 2.71 5.58 5.34 6.95
PSG Flexible A - 4.44 - 0.41 3.10 6.45 6.47 7.99
PSG SA Equity D - 5.94 - 13.61 - 3.35 5.13 - -
PSG Equity A - 7.12 - 5.52 0.09 6.74 3.51 5.87
PSG Global Flexible FF A - 9.97 14.81 6.29 5.16 7.88 -
PSG Global Equity FF A - 10.67 14.33 6.93 6.89 7.89 8.28
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 1.30 - 4.51 2.47 8.53 3.20 2.90
PSG Global Equity USD - 2.07 - 4.96 3.06 10.19 3.22 2.85
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 3.44 6.79 7.46 7.67 7.37 7.16
PSG Direct Low Equity - 1.16 1.69 4.66 6.11 6.03 6.65
PSG Direct Managed - 5.32 - 1.87 2.34 5.32 5.14 6.72
PSG Direct Aggressive - 6.54 0.82 2.58 5.99 5.65 -
PSG Direct Global Managed - 10.18 14.28 5.81 4.68 7.38 -
PSG Direct Global Aggressive - 10.60 14.00 6.22 5.77 7.41 -
  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 - 3.43 - 5.20 2.88 4.34 - -
PSG Wealth SA Property Equity Portfolio -3.80 -7.31 -3.64 -2.41 - -
PSG Wealth SA Dividend Income Equity Portfolio -3.60 -9.43 3.60 - - -
PSG Wealth Offshore Equity Portfolio (USD) 1.69 4.93 13.66 14.22 - -
PSG Wealth Managed Volatility Equity Portfolio -8.17 -9.73 -2.12 - - -
  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
13 March 2019 Anglo American Plc AGL DRIP
Option 1 - (Cash Dividend) Gross - ZAR7.20518Less 20% DWT - ZAR1.441036Net - ZAR5.764144
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
13 March 2019 Adcock Ingram Holdings Limited AIP Cash Dividend
13 March 2019 Assore Limited ASR Cash Dividend
13 March 2019 Discovery Holdings Limited DSY Cash Dividend
13 March 2019 Golf Fields Limited GFI Cash Dividend
13 March 2019 Kumba Iron Ore Limited KIO Cash Dividend
13 March 2019 Liberty two Degrees L2D Cash Dividend
13 March 2019 London Finance and Investment Group Plc LNF Cash Dividend
13 March 2019 Royal Bafokeng Platinum Limited - Convertible Bonds RBPCB Interest Payment
13 March 2019 Shoprite Holdings Limited SHP Cash Dividend
13 March 2019 Sasol Limited SOL Cash Dividend
13 March 2019 Sasol BEE Ordinary Shares SOLBE1 Cash Dividend
13 March 2019 Tradehold Limited TDH Odd-Lot Offer
Option 1 (Sell holdings less than 100 shares) (subject to 20% DWT)
Gross Offer Price - To be announced
Option 2 - (Retain Odd-lot Holdings)
Default - Option 1
13 March 2019 Tradehold Limited TDH Specific Repurchase
Tender holdings (beneficial owner level) from 100 to 3000 shares (subject to 20% DWT)
Gross Offer Price - To be announced
Defaut - No Action
13 March 2019 The Foschini Group Limited 6.5 percent Preference Shares TFGP Cash Dividend
13 March 2019 Transpaco Limited TPC Cash Dividend
13 March 2019 Truworths International Limited TRU Cash Dividend
13 March 2019 Woolworths Holdings Limited WHL 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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