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Washington agrees to reverse tariffs

08 November 2019

Washington agrees to reverse tariffs

Daily Investment Update

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Market commentary

SA flag Icon
South Africa

The JSE lost momentum and ended lower on Thursday after the release of data which pointed to a decline in local business confidence and manufacturing production. At the closing bell, the JSE All Share lost 0.29%.

US flag Icon
United States

Wall Street indices hit record highs on Thursday after the US agreed to gradually reverse some of its trade tariffs on Chinese imports. Shortly after the JSE closed, the Nasdaq went up by 0.69%.

EU flag Icon
Europe

European markets logged gains on Thursday on the back of positive earnings reports from market heavyweights while investors cheered trade talk progress. Shortly after the JSE closed, the FTSE 100 gained 0.24%.

HK flag Icon
Hong Kong

Hong Kong stocks traded higher on Thursday after news broke that Washington had reached a deal with Beijing to cancel trade tariffs that were imposed at the peak of their trade war. The Hang Seng closed 0.57% in the green.

Japan flag Icon
Japan

Although concerns over the vague details of a tariff-reversal deal between the US and China trimmed gains, Japanese stocks hit one-year highs on Thursday. At 18h15, the Nikkei recorded a 0.11% gain.

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Rand

Notwithstanding a decline in local business confidence and manufacturing production, the rand strengthened against the dollar on Thursday on the back of trade deal optimism. At 18h30, a dollar traded at R14.77.

Precious metals Icon
Precious metals

Gold prices slipped on Thursday as signs of progress in the US-Sino trade talks lifted risk appetite among investors after Washington agreed to lift trade tariffs on Chinese imports. An ounce of spot gold traded at $1 472.32 at 18h30.

Oil Icon
Oil

Oil prices fell on Thursday after hope of a trade deal was revived by reports that Washington had conceded to lift trade tariffs on Chinese goods. At 18h45 a barrel of Brent crude was down 1.08% and traded at $62.76.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 57 483.00 - 0.29 5.17 5.61 0.80 8.78
Gold mining 2 456.22 - 1.40 - 0.56 - 1.65 73.32 121.67
Basic minerals 34 051.76 - 0.47 8.36 11.02 8.16 22.70
Industrial index 76 460.44 - 0.30 2.56 - 0.16 - 1.91 6.61
Financial 41 151.24 - 0.08 6.29 11.03 - 2.44 - 0.92
Fin + Ind 30 7 651.88 - 0.22 3.90 3.50 - 1.91 4.14
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) 27 674.80 0.78 4.71 7.18 8.03 8.42
S&P 500 PR (USD) 3 085.18 0.32 5.14 7.54 8.10 11.95
NASDAQ (USD) 8 410.63 - 0.27 5.41 7.66 4.11 15.30
FT-100 (GBP) 7 406.41 0.22 3.18 4.46 4.50 9.03
Hang Seng (HKD) 27 847.23 0.57 8.03 8.16 - 2.24 10.38
Nikkei 225 (JPY) 23 330.32 0.11 9.16 14.64 7.55 7.93
MSCI World (USD) 6 626.21 0.26 5.45 11.03 7.18 10.96
Frankfurt (EUR) 5 930.17 0.83 9.85 14.07 9.90 14.77
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 468.95 0.08 - 1.39 1.83 17.20 20.55
Platinum ($) 932.00 0.43 6.51 9.13 6.27 6.39
Brent Oil ($) 62.11 - 0.29 7.86 5.27 - 11.14 - 13.95
Rand/USD 14.74 0.63 3.38 1.61 - 2.88 - 5.83
Rand/GBP 18.90 0.84 - 1.39 - 3.66 - 1.32 - 3.32
Rand/EUR 16.29 0.71 2.61 3.01 - 1.24 - 2.36
ALBI (R) 688.80 0.07 - 0.63 1.85 4.18 10.89
  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. CN: Balance of Trade OCT
  2. JP: Leading Economic Index SEP

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 3.94 7.99 7.97 8.05 7.99 7.75
PSG Wealth Income FoF D 3.63 7.95 7.70 8.09 8.08 8.13
PSG Wealth Preserver FoF D 1.41 6.07 4.04 6.57 5.82 6.89
PSG Wealth Moderate FoF D 0.25 5.50 2.03 6.51 5.02 6.33
PSG Wealth Creator FoF D - 0.77 5.34 - 0.39 6.30 4.08 4.71
PSG Wealth Global Moderate FF D 5.37 13.29 5.09 9.39 5.79 8.99
PSG Wealth Global Creator FF D 7.31 19.98 11.34 17.21 11.35 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 3.34 8.38 2.58 6.22 4.22 2.91
PSG Wealth Global Creator FoF D 5.09 14.60 8.43 13.74 9.62 8.28
PSG Wealth Global Preserver FoF (USD) D 2.53 6.97 3.00 4.41 4.99 3.73
PSG Wealth Global Flexible FoF (USD) D 2.91 12.10 6.96 11.43 9.23 7.37
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 4.23 8.10 3.80 3.71 8.11 6.63
PSG Wealth Global Flexible FoF (GBP) D 5.00 13.02 7.43 9.67 12.62 11.01
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.58 7.27 7.29 7.40 7.35 7.17
PSG Income A 3.88 8.30 8.40 8.33 8.26 7.93
PSG Diversified Income 2.97 6.80 7.20 7.65 7.66 7.70
PSG Stable A - 0.97 0.52 3.14 5.31 5.56 6.25
PSG Balanced A - 4.13 - 5.71 - 1.40 3.45 3.92 5.25
PSG Flexible A - 3.38 - 4.39 - 0.88 4.21 5.14 6.24
PSG SA Equity D - 11.57 - 15.37 - 8.91 - 1.94 - -
PSG Equity A - 8.20 - 11.00 - 5.58 2.11 3.03 2.98
PSG Global Flexible FF A - 1.87 - 1.88 - 1.07 6.70 5.27 -
PSG Global Equity FF A - 2.57 - 3.37 - 1.32 7.54 5.80 7.43
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 4.12 - 7.15 - 3.16 3.78 4.04 1.89
PSG Global Equity USD - 4.76 - 8.56 - 3.29 4.66 4.50 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 3.28 7.14 7.35 7.49 7.45 7.27
PSG Direct Low Equity - 1.19 - 0.22 2.39 4.85 5.12 5.83
PSG Direct Managed - 4.16 - 5.81 - 1.72 3.17 3.75 5.02
PSG Direct Aggressive - 4.64 - 6.12 - 2.57 3.77 4.29 -
PSG Direct Global Managed - 2.09 - 2.32 - 1.52 6.21 4.79 -
PSG Direct Global Aggressive - 2.53 - 3.25 - 1.66 6.75 5.13 -
  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 - 6.51 - 4.18 - 2.35 2.70 2.69 -
PSG Wealth SA Property Equity Portfolio - 5.90 - 11.02 - 8.17 - 2.90 - -
PSG Wealth SA Dividend Income Equity Portfolio - 6.84 - 3.91 0.72 4.43 - -
PSG Wealth Offshore Equity Portfolio (USD) 4.73 12.28 9.98 16.07 12.23 -
PSG Wealth Managed Volatility Equity Portfolio - 7.12 - 8.75 - 6.07 - 2.50 - -
  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.


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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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