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Easing inflation boosts the JSE

22 August 2019

Easing inflation boosts the JSE

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Market commentary

SA flag Icon
South Africa

The JSE rose on Wednesday as local consumer inflation fell to a six-month low in July. Shortly after the closing bell, the All Share was up by 0.66%.

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United States

Strong earnings from retailers lifted US markets on Wednesday as investors awaited new catalysts from the US Federal Reserve (Fed) meeting. The Dow was up by 1.05% just after the JSE closed.

EU flag Icon
Europe

European shares traded higher as hopes of additional monetary stimulus from key central banks countered fears of a global recession on Wednesday. At about 19h40, the FTSE 100 was up by 1.11%.

HK flag Icon
Hong Kong

Hong Kong stocks tracked a global rally on Wednesday and finished higher amid fresh hopes of monetary policy easing. The Hang Seng Index closed 0.17% in the green.

Japan flag Icon
Japan

Japanese shares fell on Wednesday as political uncertainty and trade war fears persisted. The Nikkei Index closed 0.28% in the red.

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Rand

The rand strengthened on Wednesday after local consumer inflation eased to 4% in July, boosting chances of an additional interest rate cut. Just after the JSE closed, the rand strengthened to R15.19/$.

Precious metals Icon
Precious metals

Gold prices held steady on Wednesday as investors awaited new catalysts from the Fed meeting. At 20h15 an ounce of spot gold traded at $1 504.54.

Oil Icon
Oil

Oil prices steadied on Wednesday following reports of a drawdown in domestic crude stocks. At 20h30 a barrel of Brent crude traded at $60.59.


Market indicators

Local markets (R)
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
ALSI 54 638.03 0.66 - 5.99 - 1.12 0.26 - 1.17
Gold mining 2 513.50 1.16 19.22 83.82 50.95 170.29
Basic minerals 30 811.36 - 0.45 - 7.48 - 0.58 - 1.92 11.95
Industrial index 76 402.18 0.83 - 3.52 2.64 6.65 - 4.27
Financial 37 631.77 1.55 - 9.48 - 9.05 - 9.32 - 6.98
Fin + Ind 30 7 419.03 1.05 - 5.46 - 1.31 1.08 - 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) 26 202.73 0.93 - 3.23 1.93 2.61 3.94
S&P 500 PR (USD) 2 924.43 0.83 - 1.55 2.62 6.46 4.24
NASDAQ (USD) 8 020.21 0.91 - 1.41 3.29 8.12 3.18
FT-100 (GBP) 7 203.97 1.11 - 3.17 - 0.39 3.38 - 0.41
Hang Seng (HKD) 26 270.04 0.15 - 8.54 - 3.40 - 6.04 - 1.99
Nikkei 225 (JPY) 20 618.57 - 0.28 - 3.95 - 2.84 - 2.86 - 5.21
MSCI World (USD) 6 220.76 0.76 - 2.52 - 9.05 4.01 1.22
Frankfurt (EUR) 5 269.20 1.30 - 3.73 - 2.80 3.32 - 4.70
Other markets
Index Current level 1 Day move 1 Month move 3 Month move 6 Month move 1 Year move
Gold ($) 1 499.65 - 0.20 4.36 17.53 12.33 25.59
Platinum ($) 844.00 - 1.17 - 1.52 3.94 2.93 5.50
Brent Oil ($) 60.30 0.45 - 3.47 - 16.46 - 10.09 - 16.98
Rand/USD 15.24 0.65 - 9.47 - 5.18 - 9.03 - 6.02
Rand/GBP 18.47 0.97 - 6.50 - 0.69 - 1.11 0.46
Rand/EUR 16.90 0.74 - 8.41 - 4.27 - 6.55 - 1.54
ALBI (R) 680.69 0.87 - 1.49 2.16 6.07 11.30
  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 scheduled for release
  1. EA: Markit Manufacturing PMI Flash AUG
  2. DE: Markit Manufacturing PMI Flash AUG

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 8.08 8.00 8.07 7.96 7.69
PSG Wealth Income FoF D 3.96 7.50 7.65 7.86 8.06 8.09
PSG Wealth Preserver FoF D 1.60 1.89 4.48 5.15 5.86 6.57
PSG Wealth Moderate FoF D 0.08 - 2.28 2.55 3.77 4.82 5.55
PSG Wealth Creator FoF D - 4.31 - 6.39 - 0.29 1.60 3.08 2.77
PSG Wealth Global Moderate FF D 10.34 6.50 10.05 8.46 7.23 9.15
PSG Wealth Global Creator FF D 14.01 10.05 16.55 14.99 12.62 -
PSG Wealth Solutions ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Moderate FoF D 1.42 0.46 2.11 3.87 2.88 1.51
PSG Wealth Global Creator FoF D 5.68 4.65 8.82 10.24 8.24 7.03
PSG Wealth Global Preserver FoF (USD) D 2.32 3.60 2.31 3.13 4.37 3.26
PSG Wealth Global Flexible FoF (USD) D 2.55 3.67 6.58 8.50 8.15 6.21
PSG Wealth Solutions (£)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Wealth Global Preserver FoF (GBP) D 7.93 6.86 4.48 5.05 9.07 7.64
PSG Wealth Global Flexible FoF (GBP) D 9.88 8.51 8.82 10.28 13.28 12.14
PSG Asset Management
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Money Market A 3.57 7.30 7.34 7.45 7.32 7.13
PSG Income A 4.04 8.35 8.18 8.33 8.24 7.90
PSG Diversified Income 3.11 5.72 6.83 7.34 7.61 7.57
PSG Stable A - 3.18 - 3.55 2.04 3.79 4.85 5.59
PSG Balanced A - 8.66 - 12.36 - 2.77 0.99 2.66 4.20
PSG Flexible A - 8.79 - 11.16 - 2.09 1.67 3.71 5.10
PSG SA Equity D - 16.28 - 20.56 - 10.83 - 4.54 - -
PSG Equity A - 13.37 - 17.82 - 6.58 - 0.76 0.85 1.60
PSG Global Flexible FF A - 5.38 - 9.41 1.58 4.93 4.96 -
PSG Global Equity FF A - 7.92 - 12.52 1.01 5.12 4.83 5.98
PSG Asset Management ($)
Fund 6 Month move 1 Year move 2 Year move 3 Year move 4 Year move 5 Year move
PSG Global Flexible USD A - 13.89 - 14.93 - 5.63 0.79 1.00 - 0.48
PSG Global Equity USD - 16.03 - 17.55 - 5.94 1.14 0.95 - 1.03
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 3.41 6.77 7.10 7.37 7.42 7.20
PSG Direct Low Equity - 3.52 - 4.39 1.36 3.34 4.41 5.18
PSG Direct Managed - 8.89 - 12.45 - 3.04 0.70 2.46 3.95
PSG Direct Aggressive - 9.58 - 13.02 - 2.91 1.33 2.89 -
PSG Direct Global Managed - 5.59 - 9.82 1.12 4.46 4.48 -
PSG Direct Global Aggressive - 7.19 - 11.77 0.77 4.58 4.41 -
  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 - 8.38 - 12.49 - 3.80 - 0.83 - -
PSG Wealth SA Property Equity Portfolio - 11.30 - 14.55 - 9.93 - 6.32 - -
PSG Wealth SA Dividend Income Equity Portfolio - 10.20 - 13.10 - 1.89 - 0.02 - -
PSG Wealth Offshore Equity Portfolio (USD) 4.45 5.50 10.64 12.26 - -
PSG Wealth Managed Volatility Equity Portfolio - 10.83 - 17.68 - 7.49 - 5.46 - -
  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 ATT SJ is overweight; click here to read the full report on our secure site.
  • Attacq's direct property portfolio is diversified across sectors.
  • While domestic property fundamentals are under pressure, we believe the share is undervalued, trading at a 44% discount to its NAV of 2 365.80 cents per share, with risks mentioned in our report reflected in the price.


company logo

Highlights

  • Our recommendation for AVI SJ is neutral; click here to read the full report on our secure site.
  • AVI is a high-quality food producer with a strong balance sheet and sound cash generation.
  • Earnings and operating margins have come under pressure lately due to sales volume weakness due to constrained consumer spending and consumers trading down on premium products.


company logo

Highlights

  • Our recommendation for HMN SJ is underweight; click here to read the full report on our secure site.
  • Hammerson’s direct property portfolio is not diversified across sectors as the portfolio consists of retail assets only. However, it is diversified geographically with flagship destinations in the UK, France and Ireland.
  • The group’s dividend yield is trading above its long-term average and is well above the yield offered by its peers.


Corporate actions

Date Company Share code Expectation
28 August 2019 AECI Limited AFE Cash Dividend
28 August 2019 Capital & Counties Properties Plc CCO DVOP
Option 1 - (Cash Dividend) Gross - To be announced
Option 2 (Shares)Ratio - To be announced
Default - Option 1 (Cash Dividend)
28 August 2019 Hammerson Plc HMN DRIP
Option 1 - (Cash Dividend) Gross - To be announced
Option 2 (Reinvestment)Reinvestment Price - To be announced
Default - Option 1 (Cash)
28 August 2019 Investec Bank (Mauritius) Limited Redeemable Cumulative Non-Participating No Par Value Preference Shares IMRP1 Cash Dividend
28 August 2019 Liberty Holdings Limited LBH Cash Dividend
28 August 2019 MTN Group Limited MTN Cash Dividend
28 August 2019 Nedbank Ltd Non-Redeemable Non-Cumulative Preference Shares NBKP Cash Dividend
28 August 2019 NewWave Pound Sterling ETN NEWGBP Cash Distribution
28 August 2019 NewWave US Dollar ETN NEWUSD Cash Distribution
28 August 2019 Quilter plc QLT Cash Dividend
28 August 2019 Reinet Investments SCA Depositary Receipts RNI Cash Dividend
28 August 2019 Sabvest Limited Ordinary Shres SBV Cash Dividend
28 August 2019 Sabvest Limited N Ordinary Shares SVN Cash Dividend
28 August 2019 Transcend Residential Property Fund Ltd (REIT) TPF 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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