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Markets await new catalysts from trade deal

07 November 2019

Markets await new catalysts from trade deal

Daily Investment Update

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Market commentary

SA flag Icon
South Africa

The JSE All Share made gains on Wednesday as investors awaited new catalysts from the US-China trade talks after Washington said it might reverse some of the tariffs on Chinese goods. At the closing bell, the JSE All Share gained 0.71%.

US flag Icon
United States

Wall Street indices fell on Wednesday after market heavyweights such as Microsoft and Facebook made losses, while the energy sector lost its footing due to build up in US crude inventories. Shortly after the JSE closed, the Nasdaq was down by 0.39%.

EU flag Icon
Europe

European markets eased from a four-year high on Wednesday following the release of a mixed bag of earnings reports and poor sector data from the Eurozone. Shortly after the JSE closed, the FTSE 100 lost 0.05%.

HK flag Icon
Hong Kong

Hong Kong stocks were flat on Wednesday as investors sought further direction from the US-China trade talks and clarity on policy easing. The Hang Seng closed 0.02% in the green.

Japan flag Icon
Japan

The Nikkei edged up by 0.22% on Wednesday as hopes for a US-China trade deal, a weaker yen and rising bond yields buoyed exporters and financials.

Rand Icon
Rand

The local currency struggled for direction on Wednesday as the euphoria brought about by hopes of a partial US-China trade deal showed signs of fading. At 19h00, a dollar traded at R14.84.

Precious metals Icon
Precious metals

Gold prices rose on Wednesday as hopes of a partial deal that could halt the prolonged trade war between Washington and Beijing slowly lost traction. An ounce of spot gold traded at $1 492.15 at 19h15.

Oil Icon
Oil

Following a bigger-than-expected build up in US crude inventories, oil prices fell on Wednesday while market participants took cues from the US-China trade developments. At 19h30, a barrel of Brent crude was down 1.66% and traded at $62.23.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 57 652.58 0.71 6.89 6.23 - 0.03 9.60
Gold mining 2 491.01 0.61 5.58 4.18 77.22 120.17
Basic minerals 34 214.23 1.00 11.50 12.15 8.02 22.93
Industrial index 76 691.01 0.82 4.18 0.76 - 3.05 7.08
Financial 41 182.62 0.20 6.67 10.37 - 3.30 0.92
Fin + Ind 30 7 668.63 0.59 5.08 3.95 - 2.96 5.11
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) 27 492.56 0.01 3.53 6.26 5.28 9.87
S&P 500 PR (USD) 3 076.78 0.08 4.34 7.29 5.98 13.96
NASDAQ (USD) 8 434.68 0.02 5.69 9.47 3.88 16.38
FT-100 (GBP) 7 396.65 0.12 3.57 4.62 2.58 9.98
Hang Seng (HKD) 27 688.64 0.02 7.41 7.63 - 2.29 9.87
Nikkei 225 (JPY) 23 303.82 0.22 8.85 14.13 5.81 7.50
MSCI World (USD) 6 608.96 0.10 5.08 10.37 5.37 12.50
Frankfurt (EUR) 5 881.27 0.24 9.72 13.93 7.27 14.76
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 488.55 - 1.07 - 1.39 1.83 17.20 20.55
Platinum ($) 928.00 - 0.85 4.98 8.54 8.79 6.79
Brent Oil ($) 62.96 1.34 7.86 5.27 - 11.14 - 13.95
Rand/USD 14.84 - 0.65 2.04 2.66 - 4.33 - 5.60
Rand/GBP 19.06 - 0.35 - 2.31 - 3.86 - 2.98 - 3.19
Rand/EUR 16.41 - 0.53 1.29 3.95 - 2.75 - 1.88
ALBI (R) 688.32 - 0.14 - 0.88 1.78 3.99 11.42
  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. No economic data set to be released.
  1. MX: Inflation Rate OCT
  2. UK: BoE Interest Rate Decision

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 3.95 8.03 7.98 8.04 7.99 7.75
PSG Wealth Income FoF D 3.74 7.98 7.69 8.09 8.08 8.13
PSG Wealth Preserver FoF D 1.18 5.51 3.94 6.49 5.74 6.86
PSG Wealth Moderate FoF D - 0.31 4.36 1.84 6.34 4.74 6.24
PSG Wealth Creator FoF D - 2.43 3.36 - 0.67 6.00 3.53 4.50
PSG Wealth Global Moderate FF D 5.54 11.55 5.14 9.28 5.78 8.91
PSG Wealth Global Creator FF D 7.39 17.49 11.38 17.03 11.33 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 3.38 8.68 2.74 6.23 4.12 2.93
PSG Wealth Global Creator FoF D 5.28 15.07 8.78 13.81 9.53 8.35
PSG Wealth Global Preserver FoF (USD) D 2.57 7.11 3.09 4.42 5.00 3.69
PSG Wealth Global Flexible FoF (USD) D 2.99 12.33 7.23 11.46 9.25 7.41
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 4.19 7.71 3.63 3.70 8.10 6.65
PSG Wealth Global Flexible FoF (GBP) D 4.96 12.75 7.48 9.66 12.61 11.16
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.58 7.27 7.29 7.40 7.35 7.17
PSG Income A 3.94 8.33 8.40 8.33 8.26 7.94
PSG Diversified Income 3.14 6.86 7.20 7.65 7.66 7.71
PSG Stable A - 0.65 0.35 3.07 5.28 5.47 6.25
PSG Balanced A - 3.82 - 6.19 - 1.49 3.38 3.67 5.20
PSG Flexible A - 3.37 - 5.10 - 0.98 4.11 4.89 6.19
PSG SA Equity D - 11.91 - 16.45 - 9.31 - 2.06 - -
PSG Equity A - 8.17 - 11.83 - 5.70 2.02 2.65 2.85
PSG Global Flexible FF A - 0.83 - 3.41 - 0.89 6.59 5.22 -
PSG Global Equity FF A - 1.51 - 4.96 - 1.14 7.41 5.71 7.44
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 3.54 - 5.71 - 2.92 3.99 4.10 2.06
PSG Global Equity USD - 4.17 - 6.98 - 3.08 4.88 4.57 1.94
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 3.37 7.18 7.34 7.49 7.45 7.28
PSG Direct Low Equity - 0.90 - 0.43 2.33 4.82 5.01 5.82
PSG Direct Managed - 3.93 - 6.34 - 1.81 3.09 3.51 4.97
PSG Direct Aggressive - 4.42 - 7.03 - 2.61 3.68 4.05 -
PSG Direct Global Managed - 1.06 - 3.85 - 1.34 6.10 4.74 -
PSG Direct Global Aggressive - 1.48 - 4.81 - 1.49 6.63 5.05 -
  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 - 7.53 - 5.23 - 2.52 2.56 2.12 -
PSG Wealth SA Property Equity Portfolio - 3.84 - 9.35 - 8.12 - 2.43 - -
PSG Wealth SA Dividend Income Equity Portfolio - 7.31 - 5.19 0.52 4.30 - -
PSG Wealth Offshore Equity Portfolio (USD) 4.27 12.53 9.83 16.01 12.18 -
PSG Wealth Managed Volatility Equity Portfolio - 7.32 - 9.97 - 6.44 - 2.60 - -
  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 BHP AU is neutral; click here to read the full report on our secure site.
  • BHP’s revenue (c.70%) is geared to minerals whose performance is predominantly correlated to economic growth.
  • oAn economic downturn presents structural near-term headwinds for industrial metal prices as weak business and consumer confidence customarily dampens base metal commodity demand. We, therefore, expect steel demand to be under pressure going into FY20e.


company logo

Highlights

  • Our recommendation for MC FP is neutral; click here to read the full report on our secure site.
  • It has strong brand momentum in a growing industry, and we feel that that the current valuation fairly values the attractive quality characteristics
  • We do, however, remain wary of any potential deterioration in the economic cycle and its potential impact on the group.


company logo

Highlights

  • Our recommendation for INGA AMS is neutral; click here to read the full report on our secure site.
  • The group’s high dividend yield remains attractive and management is committed to maintaining a Return On Equity between 10% and 12%.
  • Adjusted earnings per share were up 3% to 66 cents and the group declared a flat interim dividend of 12 cents.


Corporate actions

Date Company Share code Expectation
13 November 2019 Allied Electronics Corporation Limited AEL Cash Dividend
13 November 2019 Alviva Holdings Limited AVV Cash Dividend
13 November 2019 Caxton & CTP Limited CAT Cash Dividend
13 November 2019 Caxton & CTP Limited Prefrerence Shares CATP Cash Dividend
13 November 2019 Investec Bank (Mauritius) Limited IMRP7 Cash Dividend
13 November 2019 Remgro Limited REM 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


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