July 2025
Adriaan Pask
PSG Wealth
US stocks started the week in positive territory, with the S&P 500 up 0.30%, the Nasdaq rising 0.50%, and the Dow Jones gaining around 50 points, as investors monitored ongoing trade developments and prepared for a busy stretch of corporate earnings. Commerce Secretary Howard Lutnick reaffirmed that 1 August remains a "hard deadline" for the implementation of new tariffs, although he indicated that negotiations with trade partners are continuing. The communication services and materials sectors led the gains. On the corporate front, Verizon shares climbed nearly 3% after the company posted results that exceeded expectations on both earnings and revenue, while also raising its full-year profit forecast.
UK equities also opened the week on a strong footing, with the FTSE 100 closing above the 9 000 mark for the first time on Monday, buoyed by a rally in mining stocks. Antofagasta surged 4.70% on the back of rising copper prices, while gold miners Fresnillo and Endeavour rose 3.70% and 1.40%, respectively, amid strength in bullion. Iron ore prices hit a four-month high, lifting shares in Anglo American (up 3.30%), Glencore (3%), and Rio Tinto (2.50%).
In contrast, Eurozone markets edged lower on Monday as investors continued to assess the region’s trade outlook. The Euro Stoxx 50 fell 0.30% to close at 5 342, while the broader STOXX 600 declined 0.10% to 546. Tensions remain high as US officials maintained the threat of imposing 30% tariffs on EU exports, with the European Commission still in talks to negotiate lower rates ahead of the 1 August deadline. The EU has signalled that it would respond with aggressive countermeasures should a deal fail to materialise, heightening the risk of further escalation and inflationary pressures across the bloc.
Japanese equities mirrored the Eurozone’s weakness, with the Nikkei 225 slipping 0.20% to close at 39 819 on Friday, and the broader Topix also down 0.20% to 2 834, reversing early session gains. The Nikkei retreated from a two-week high reached the day before amid choppy trading, as investors remained cautious ahead of this weekend’s Upper House election. Sentiment was also dampened by uncertainty over trade negotiations with the US, following disappointing June trade data which revealed a sharp decline in exports to America.
By contrast, Chinese markets posted gains. The Shanghai Composite rose 0.72% to 3 560, while the Shenzhen Component advanced 0.86% to 11 007, with both indices reaching multi-month highs. The rally followed the People’s Bank of China’s decision to maintain key lending rates at record lows for July, keeping the one-year loan prime rate at 3% and the five-year LPR at 3.50%, as the central bank continues efforts to bolster the economy amid subdued consumer sentiment and slowing growth.
Locally, South Africa’s main stock index, the SAALL, climbed 0.98% to 99 654 on Monday, extending its recent upward momentum.
In the commodities markets, WTI crude oil futures held steady near $67.10 per barrel on Monday, following a 1.60% weekly decline, as investors weighed geopolitical risks against ongoing trade uncertainty. Gold prices surged past $3 390 per ounce - their highest level since mid-June - as a weakening US dollar and falling Treasury yields fuelled demand for safe-haven assets amid rising trade tensions.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-07-21 | ALSI | 98687.07 | 1.37 | 4.05 | 18.62 | 27.14 |
2025-07-21 | Basic minerals | 57447.85 | 1.94 | 5.06 | 36.55 | 31.30 |
2025-07-21 | Fin + Ind 30 | 12867.59 | 1.20 | 3.64 | 14.22 | 26.26 |
2025-07-21 | Financial | 52882.31 | 1.73 | 3.95 | 7.98 | 20.63 |
2025-07-21 | Industrial index | 146604.65 | 0.81 | 3.49 | 19.08 | 30.43 |
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.
Morningstar Category | Fund name | NAV (Rands) at | Performance –As at | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % |
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.
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:
Morningstar Category | Fund name | NAV (Rands) at | Performance –As at | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % |
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.
The following funds invest internationally using foreign currency
Morningstar Category | Fund name | NAV (Rands) at | Performance –As at | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % |
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.
Fund display name | Performance –As at 2025/07/21 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 16.42 | 11.80 | 11.22 | 3.92 |
PSG Wealth Offshore Equity Portfolio (USD) | 7.25 | 10.94 | 10.12 | 11.38 |
PSG Wealth SA Equity Portfolio | 27.69 | 11.65 | 11.09 | 5.97 |
PSG Wealth SA Property Equity Portfolio | 27.36 | 18.01 | 15.88 | 0.78 |
* 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.
Date | Company | Share code | Expectation |
---|---|---|---|
23 July 2025 | African and Overseas Enterprises Limited 6 Percent Cumulative Participating Preference shares | AVOP | Cash dividend |
23 July 2025 | Investec Bank (Mauritius) Ltd | IMRP5 | Cash dividend |
23 July 2025 | Lewis Group Limited | LEW | Cash dividend |
23 July 2025 | Mahube Infrastructure Limited | MHB | Cash dividend |
23 July 2025 | MTN Zakhele Futhi (RF) Limited | MTNZF | Special cash distribution |
23 July 2025 | Rex Trueform Clothing Company Limited 6 Percent Cumulative Preference shares | RTOP | Cash dividend |
23 July 2025 | Supermarket Income Reit PLC | SRI | Cash dividend |
23 July 2025 | Tsogo Sun Gaming Limited | TSG | Cash dividend |
The information above is to the best of our knowledge correct.
The Corporate Actions are updated weekly.
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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