Daily Investment Update

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Wall Street ended the week on a high note, with the S&P 500 up 0.80%, the Nasdaq climbing nearly 1% to notch a second consecutive record close, and the Dow adding 206 points on Friday. Technology shares led the gains, driven by a 4.20% jump in Apple after it announced a $600 billion US investment plan, lifting the tech-heavy Nasdaq. Sentiment was further boosted by growing expectations of Federal Reserve (Fed) rate cuts, after President Trump nominated Stephen Miran to the Fed Board—seen as a signal of potential policy shifts—despite lingering concerns over new tariffs on imports from multiple countries. For the week, the S&P 500 climbed 2.40%, the Dow rose 1.40%, and the Nasdaq surged 3.90%.

European stocks ended the week with strong gains, supported by upbeat corporate earnings and optimism over potential progress in the Ukraine–Russia conflict. The STOXX 50 added 0.40% on Friday, up 3.60% for the week, while the STOXX 600 rose 0.30%, a weekly gain of 2.20%. Markets also absorbed the effects of President Trump’s newly announced retaliatory tariffs and evolving trade dynamics, alongside speculation about potential policy measures from the European Central Bank.

Mainland Chinese stocks eased on Friday as investors awaited key inflation data that could provide fresh insight into the health of the world’s second-largest economy. Sentiment was tempered despite Thursday’s trade figures showing July exports surging well above expectations, driven by a rush to ship goods ahead of the US tariff deadline. Imports also rose to their highest level in a year, pointing to stronger domestic demand. The Shanghai Composite slipped 0.12% to 3 635 points, while the Shenzhen Component fell 0.26% to 11 129. Hong Kong stocks also slipped on Friday, snapping a four-day winning streak as broad-based losses weighed on the market. The Hang Seng shed 0.90% to close at 24 859 points.

Turning to South Africa, the FTSE/JSE All Share Index gained about 0.20%, closing near 100 855 points. The local market was supported by stronger resource and industrial stocks, boosted by rising gold and platinum prices. Meanwhile, financial shares showed caution ahead of the upcoming quarterly GDP release. The rand showed modest strength, briefly dipping below R17.75 to the dollar before easing back, as investors balanced improved risk appetite with cautiousness ahead of key domestic data releases. For the week, the local bourse gained approximately 1.50%. 

Gold futures surged to a record high on Friday after reports emerged that the US government imposed tariffs on imports of 1kg gold bars. While this move aims to protect domestic producers, it has sparked concerns over higher costs and potential supply disruptions in the precious metals market. Meanwhile, spot gold remained steady at $3 397.85 per ounce at 18h00 local time, after reaching its highest level since 23 July earlier in the session. The tariff news has added to existing market uncertainties, driving demand for safe-haven assets. As a result, gold is positioned for a second consecutive weekly gain amid ongoing tariff tensions and growing expectations of US interest rate cuts. US gold futures rose 1.10% to $3 490.70, having touched a record peak of $3 534.10.

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ALBI (R) 1205.99 0.05 Brent Oil ($) 66.35 -0.12 Gold ($) 3394.85 -0.05 Platinum ($) 1334.45 -0.45 Rand/EUR 20.67 0.30 Rand/GBP 23.82 -0.33 Rand/USD 17.73 0.21

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-08-08 ALSI 100643.36 0.49 3.42 17.09 29.61
2025-08-08 Basic minerals 62935.88 1.02 12.30 40.26 50.72
2025-08-08 Fin + Ind 30 12830.08 0.31 0.70 11.21 24.19
2025-08-08 Financial 52305.23 0.06 -0.32 6.44 16.08
2025-08-08 Industrial index 147060.66 0.50 1.29 14.24 30.25

Some data may be delayed, the above table reflects the latest information available from Morningstar.

Please note 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.

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Performance data on local funds is shown up to the last market close minus 1 day.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note 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.

Global funds

Through our tried-and tested investment philosophy, we have built competitive global solutions to help clients achieve their investment goals.

The following funds are rand-denominated, but invest internationally:

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Performance data on offshore funds is shown up to the last market close minus 2 days.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note 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.

Invest in other currencies

The following funds invest internationally using foreign currency

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Performance data on offshore funds is shown up to the last market close minus 2 days.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note 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.

House view equity portfolios

Fund display name Performance –As at 2025/08/08
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 15.07 10.91 11.55 3.97
PSG Wealth Offshore Equity Portfolio (USD) 12.33 9.22 9.09 11.12
PSG Wealth SA Equity Portfolio 27.36 10.93 11.18 6.03
PSG Wealth SA Property Equity Portfolio 24.68 17.72 18.17 0.94

* PSG Wealth equity portfolio performance are shown gross of management fees, but net of brokerage and other trading costs.
The House view portfolios are bespoke solution portfolios and not part of the Collective Investment Schemes’ portfolios.

Recent investment ideas

Renergen Limited

  • This report provides a summary of the Renergen and ASPI offer, along with the latest developments related to it. ASPI has made a firm offer to buy all shares of Renergen. This offer is planned to happen through a formal arrangement between Renergen and its shareholders. If this arrangement does not go through, there is a backup “standby offer” that can be used instead. A detailed document explaining the offer and setting out the meeting details was sent to all Renergen shareholders listed as of 30 May 2025. This document explains how the offer will work and what conditions need to be met for it to proceed. If the main arrangement is successful: 
    •    Shareholders will receive new shares from ASPI according to a set exchange rate. 
    •    ASPI will take full ownership of Renergen 
    •    Renergen Shares will be delisted from the JSE, A2X and ASX. 
    If the arrangement fails because certain conditions are not met, the standby offer will open. This backup offer will have the same terms as the original one and shareholders will be informed when it becomes available. Our research supports a sell recommendation.

South Africa’s largest retailer, Shoprite, remains a market leader with ongoing growth and expansion

  • At current levels, the stock trades below historical price multiples and presents an upside to our intrinsic value. Shoprite is a high-quality SA retailer as evidenced by:
    • Internal price inflation for the period averaged just 1.9%. This reflects Shoprite’s commitment to affordability and its ability to pass on cost savings to consumers, which should help with future volume growth.
    • Shoprite’s consistent margin expansion, driven by pricing power and operational efficiency, underscores its ability to preserve profitability while maintaining affordability, solidifying its value-driven market leadership.
    • Successful platforms like Sixty60 and Xtra Savings have boosted transaction values and customer loyalty, reinforcing margin resilience and evidencing management’s innovation.
    • The group’s consistent rollout of new stores across various formats, without compromising operational efficiency or margin integrity, reinforces its ability to capture market share, drive top-line growth, and deliver long-term shareholder value.
    • South Africa’s recent shift to lower interest rates and a subdued inflation environment creates a supportive backdrop for consumer-focused businesses like Shoprite.
    Our research supports a buy recommendation

In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results.

  • In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results. We have since received the full year results as well as some acquisition activity, summarised below. At the beginning of the year Tencent was placed on a “Chinese military companies” list by the US which had a material impact on both Naspers and Prosus’s share prices in January but has since had a strong recovery. Below we summarise the last 6 months for the company:
  • In May 2025, Prosus completed the acquisition of Despegar, a leading online travel agency in Latin America, for approximately $1.7 billion, at a 33% premium to the share price at the time. Despegar generated $774 million in revenue for FY24.
  • In February 2025, Prosus announced it had made a cash offer of €4.1 billion for global food delivery company, Just Eat Takeaway.com, at a 63% premium to the share price in February. The acceptance of such has been fully recommended by Just Eat’s board and should conclude towards the end of 2025. The company generated $3.8 billion in sales in FY24.
  • Prosus full year results had the following highlights:
  • Full year revenue came in at $6.2 billion, a 21% increase for the year.
  • Adjusted EBIT came in at $179 million, posting a positive full year number for the first time after reporting a loss of $118 million in 2024.
  • Profitability was driven by Classifieds and Food Delivery with EBIT figures of $273 million and $218 million respectively.
  • Free cash flow positive for the first time, excluding Tencent.

Corporate Actions

Date Company Share code Expectation
13 August 2025 Adcorp Holdings Limited ADR

Cash Dividend

13 August 2025 Investec Limited INL

Cash Dividend

13 August 2025 Investec Plc INP

Cash Dividend

13 August 2025 Karoooo Limited KRO

Cash Dividend

13 August 2025 Mustek Limited MST

Tender Offer

13 August 2025 Omnia Holdings Limited OMN

Cash Dividend

13 August 2025 Omnia Holdings Limited OMN

Special Cash Dividend

13 August 2025 Assura Plc AHR

Special Cash Dividend

The information above is to the best of our knowledge correct.
The Corporate Actions are updated weekly.

Fund performance

Collective Investment Schemes in Securities (CIS) are generally medium-term to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not a guide to future performance. Collective Investment Schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from PSG Collective Investments (RF) Limited. Commission and incentives may be paid, and if so, are included in the overall costs. Forward pricing is used. The Portfolios may be capped at any time in order for them to be managed in accordance with their mandate.

Performance is calculated for the portfolio and individual investor performance may differ as a result thereof. Different classes of participatory interest can apply to these portfolios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Annualised performances show longer term performance rescaled over a 12-month period. Individual performance may differ as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. The portfolio is valued at 15h00 daily. Income distributions are net of any applicable taxes. Investment performance data is for illustrative purposes only. Actual performance figures are available on request. Always refer to the fund fact sheet (Minimum Disclosure Document) for full details, fees and risks of the fund.

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