Daily Investment Update

US stock markets were mixed on Thursday as investors weighed domestic trade policy developments against major tech earnings. The S&P 500 and Nasdaq 100 inched slightly higher, enough to retest record levels, while the Dow Jones Industrial Average dropped by more than 300 points. Alphabet rose by 4% after the tech giant reported better-than-expected earnings for the June quarter and announced plans to increase AI-related spending by $10 billion this year.

Meanwhile, reports suggested that the EU and the US were nearing an agreement on tariffs set at 15%, lower than the previously threatened 30%. In addition, President Trump stated that tariffs on other countries would range between 15% and 50% - exceeding the Liberation Day threshold that had previously triggered a sell-off in US assets.

In South Africa, the main stock market index, the SAALL, slipped to 99 971 points on Thursday, down 0.21% from the previous session.

The UK’s FTSE 100 gained 0.90% to close at a record 9 138, outperforming European markets amid renewed optimism around tariff negotiations. While much of the market’s attention remained on EU-US trade talks, the UK and India signed a long-anticipated trade agreement covering tariff reductions on goods such as cars and alcohol. Signed near London by Trade Secretary Jonathan Reynolds and Indian counterpart Piyush Goyal, the deal is expected to contribute an estimated £4.8 billion to the UK economy.

European markets also closed higher as investors digested trade developments and monetary policy outlooks across the region. The Eurozone’s STOXX 50 rose by 0.30% to 5 359, while the broader STOXX 600 also gained 0.30% to end at 552. The European Central Bank held interest rates steady and confirmed that disinflation is progressing in line with its earlier projections.

In Asia, Japan’s Nikkei 225 advanced 1.59% to close at 41 826, while the broader Topix Index jumped 1.75% to 2 978, with the latter reaching a new all-time high. The continued momentum followed a recently concluded trade deal between the US and Japan, which boosted investor sentiment. Meanwhile, Chinese mainland equities also advanced, as renewed optimism over US-China trade negotiations lifted the Shanghai Composite by 0.65% to 3 606 and the Shenzhen Component by 1.21% to 11 193 - both hitting multi-month highs.

In commodities, WTI crude oil futures rebounded to approach $66 per barrel, breaking a four-day losing streak as market focus returned to trade talks. Gold prices, on the other hand, slipped below $3 380 per ounce, extending losses from the previous session. The metal’s safe-haven appeal continued to weaken amid growing confidence in global trade progress.

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ALBI (R) 1189.70 0.31 Brent Oil ($) 68.83 0.47 Gold ($) 3383.24 -0.12 Platinum ($) 1416.51 -0.42 Rand/EUR 20.64 -0.24 Rand/GBP 23.80 -0.29 Rand/USD 17.53 0.10

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-07-24 ALSI 100179.84 0.86 5.48 21.45 28.47
2025-07-24 Basic minerals 60448.24 0.34 9.54 43.72 40.62
2025-07-24 Fin + Ind 30 12911.45 1.06 4.09 15.85 25.32
2025-07-24 Financial 52454.78 0.39 3.26 9.21 17.03
2025-07-24 Industrial index 148370.26 1.55 4.53 20.64 31.20

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 CategoryFund nameNAV (Rands)
at 22 Jul 2025
Performance –As at 2025/06/30
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.52 16.68 12.49 13.77 11.49
PSG Stable Fund Class A 1.86 14.94 12.29 13.11 8.87
PSG Stable Fund Class E 1.87 15.61 12.93 13.76 8.79
PSG Wealth Preserver Fund of Funds Class D 27.89 14.99 12.39 10.83 9.43
South African - Multi Asset - High Equity PSG Balanced Fund Class A 117.04 19.83 17.01 19.50 13.04
PSG Balanced Fund Class E 117.32 20.52 17.69 20.18 10.72
PSG Investment Management Growth Fund of Funds  Class D 1.93 23.11 16.05 18.81 14.49
PSG Wealth Moderate Fund of Funds Class D 48.70 19.10 15.01 13.88 11.23
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.39 12.23 10.26 9.53 8.12
PSG Diversified Income Fund Class E 1.39 12.94 10.96 10.16 8.77
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.19 11.50 9.53 8.90 8.51
PSG Wealth Income Fund of Funds Class D 12.79 10.52 9.55 8.32 8.04
South African - Equity - General PSG Equity Fund Class A 20.90 20.04 18.32 22.30 13.12
PSG Equity Fund Class E 21.00 20.48 17.78 22.12 9.95
PSG Equity Fund Class F 20.99 20.60 18.87 22.84 10.86
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.34
PSG Wealth Creator Fund of Funds Class D 65.32 21.15 15.85 17.27 12.60
South African - Equity - SA General PSG SA Equity Class F 2.18 28.31 20.01 25.00 9.37
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.78 7.64 6.08 7.94
PSG Money Market Fund Class F 1.00 8.09 7.95 6.37 5.58
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.10 9.82 8.54 7.40 7.34
PSG Income Fund Class E 1.10 10.15 8.86 7.72 8.01
PSG Wealth Enhanced Interest Fund of Funds Class D 1.02 8.70 8.39 6.80 6.90
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.05
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.71 17.92 16.62 20.50 11.54
PSG Flexible Fund Class E 9.72 18.23 16.93 20.80 10.89

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:

Morningstar CategoryFund nameNAV (Rands)
at 23 Jul 2025
Performance –As at 2025/06/30
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.39 12.40 15.19 18.80 12.44
PSG Global Equity Feeder Fund Class E 5.60 13.04 15.86 19.32 12.14
PSG Wealth Global Creator Feeder Fund Class D 5.02 8.73 16.81 11.84 14.55
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.10 11.79 13.85 16.02 12.11
PSG Global Flexible Feeder Fund Class B 4.34 12.44 14.51 16.52 12.62
PSG Wealth Global Flexible Feeder Fund Class D 5.17 8.73 11.00 6.81 10.72
PSG Wealth Global Moderate Feeder Fund Class D 5.29 8.06 11.62 7.40 11.96
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.59 5.65 8.99 4.43 6.45

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

Morningstar CategoryFund nameNAV (Rands)
at 22 Jul 2025
Performance –As at 2025/06/30
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.10 -0.07 2.50 1.74 4.61
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 4.03 4.44 5.37 4.53 8.95
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.62 15.50 14.17 18.33 6.41
PSG Global Equity Sub-Fund Class B 2.73 16.08 14.81 18.95 8.13
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.30 11.70 14.66 11.03 9.88
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.83 8.42 6.46 3.88 3.80
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 22.33 14.93 12.72 15.86 6.39
PSG Global Flexible Sub-Fund Class B 23.80 15.46 13.24 16.28 7.02
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.78 10.90 7.19 4.42 3.06
PSG Wealth Global Flexible FoF (USD) Class D 3.47 11.58 8.60 6.16 8.02
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.29 10.68 9.16 6.75 5.63

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 2025/07/24
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 15.18 11.77 11.68 3.97
PSG Wealth Offshore Equity Portfolio (USD) 10.17 10.66 10.28 11.51
PSG Wealth SA Equity Portfolio 26.87 11.62 11.49 6.04
PSG Wealth SA Property Equity Portfolio 28.36 18.13 17.39 0.95

* 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

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.

Sasol’s Capital Markets Day signals optimism for the company’s future.

  1. On 20 May 2025, Sasol held a Capital Markets Day, providing a comprehensive update on its corporate strategy, operational performance, emissions reduction roadmap, and financial framework. Some key highlights are:
    • Sasol anticipates adjusted its EBITDA to rise from R60 billion to a range of between R64–R71 billion by FY28.
    • Cost savings of R10–R15 billion (relative to inflation) are a major contributor to this EBITDA growth, which is targeted for achievement by FY28.
    • The company maintains its net debt ceiling target below US$3 billion, reflecting a disciplined financial approach.
    • Capital expenditure is set to be reduced by R15–R20 billion compared to previous guidance, underscoring Sasol’s focus on efficiency.
    • The Chemicals segment is targeting an EBITDA margin of at least 15% by FY28, with positive cash flow before financing costs projected for FY25. This will result from operational streamlining, the closure or exit of underperforming assets, and a shift from volume-driven to value-driven strategies.
    • For mining operations in South Africa, priorities include restoring Secunda production to 7.4 million tons per annum or higher and reducing the oil breakeven price to $50/bbl by FY28 (1H25: just below $60/bbl). Key initiatives include improving coal quality through destoning and X-ray sorting, implementing real-time coal quality testing, and delivering sustainable cost reductions of R8–R10 billion by FY28.

The latest financial information release by Sibanye Stillwater

  • The latest financial information released by Sibanye Stillwater is the first-quarter operating update for the period ending 31 March 2025. Below are the key financial and operational performance highlights:
    • Group adjusted EBITDA surged by 89% to R4.1 billion, reflecting a strong overall performance.
    • Gold operations saw EBITDA climb 178% to R1.8 billion, despite a 15% drop in gold production, as higher gold prices offset lower output. However, gold operations remain costly, with all-in sustaining costs (AISC) rising 17% from $2 039/oz in Q1 2024 to $2 392/oz in Q1 2025.
    • South African platinum group metals (PGM) operations benefited from cost-cutting measures, boosting EBITDA by 74% to R2.5 billion, even as production slipped by 3% over the period.
    • US PGM segment production fell 41% following the Stillwater West mine being placed on care and maintenance. This led to a negative EBITDA of R172 million for Q1 2025, compared to a R609 million profit in Q1 2024.
    • Finance costs increased by 8% to R1.2 billion, despite a rate-cutting environment, as the company’s debt levels remain high.
    Strategic developments:
    • The Keliber lithium and GalliCam projects were awarded the Strategic Projects status by the European Commission, underscoring their importance to Europe’s critical raw materials supply. This designation helped Sibanye secure additional funding for these initiatives.
    • Possible benefit of the S45X credit to the US PGM operations for FY25 to the amount of $60 million, with a further amount of $119 million for FY23 and FY24. Receipt expected in FY26 and FY27.

Corporate Actions

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 LimitedLEW

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.

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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