Daily Investment Update

The three major US stock indices rose by nearly 0.30% on Wednesday, rebounding from a weaker open as investors digested softer-than-expected consumer inflation data and monitored the latest developments in US-China trade relations. All key inflation measures undershot forecasts, indicating that the impact of President Trump’s tariffs has yet to filter through to consumers. This may be due to the temporary suspension of the most punitive levies or because businesses are still absorbing the additional costs. The data bolstered expectations that the Federal Reserve may cut interest rates twice this year.

In South Africa, the rand was little changed on Wednesday following the parliamentary approval of long-delayed budget legislation, which establishes the government’s overall spending limits and outlines revenue-generating measures. The vote ends months of delay due to coalition disagreements and brings greater clarity to the country’s fiscal outlook. By 16h15 GMT, the rand traded at 17.6925 against the US dollar, around 0.10% stronger than Tuesday’s close. The Johannesburg Stock Exchange’s Top-40 Index closed down 0.40%, while the yield on the benchmark 2035 government bond rose by 3 basis points to 10.10%.

In the United Kingdom, the FTSE 100 climbed towards record highs near 8 870 as markets reacted to the UK government’s multi-year spending review and encouraging news on US-China trade talks. Chancellor Rachel Reeves presented departmental budgets extending through 2027, which include a pledge to increase defence spending to 2.50% of GDP and allocate an additional £30 billion to the NHS. Sentiment was further boosted by reports that the latest US-China trade deal would likely gain the approval of both President Trump and President Xi.

Across Europe, the mood was more subdued. The STOXX 50 declined by 1%, while the broader STOXX 600 slipped 0.30% as markets responded to mixed signals on global trade. Although President Trump announced a framework agreement with China involving rare earth supply guarantees and broader access for Chinese students to US universities, European officials expressed scepticism about their own trade negotiations with Washington. They cautioned that talks may drag on past the 9 July deadline, with only a preliminary agreement likely by that time.

In Asia, Japanese equities extended their rally, supported by improving trade sentiment. The Nikkei 225 rose 0.55% to close at 38 421, while the broader Topix Index edged up 0.09% to 2 789. It marked the fourth consecutive session of gains for Japanese shares, buoyed by optimism over progress in US-China negotiations.

Chinese markets also regained ground. The Shanghai Composite rose 0.52% to 3 402 and the Shenzhen Component advanced 0.83% to 10 246, reversing losses from the previous session. Markets were lifted by news that officials from both countries had reached a framework agreement in London to implement the Geneva consensus. The deal, reportedly aligning with commitments made during a recent call between Presidents Trump and Xi, includes expectations that China will ease restrictions on rare earth exports, while the US may relax curbs on advanced technology sales to China.

In commodity markets, WTI crude oil futures climbed above $66 per barrel, the highest level in ten weeks, supported by optimism over the trade talks and renewed geopolitical tensions between the US and Iran. Gold prices also strengthened, rising above $3 330 per ounce after gaining as much as 1% earlier in the session. The rally was driven by subdued US inflation figures, which reinforced expectations that the Federal Reserve could begin cutting rates as early as September.

Navigation

ALBI (R) 1161.58 0.27 Brent Oil ($) 66.77 -0.15 Gold ($) 3341.68 0.54 Platinum ($) 1239.16 1.59 Rand/EUR 20.20 0.11 Rand/GBP 23.86 0.67 Rand/USD 17.70 0.26

Market indicators

select a tab to navigate

Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-06-11 ALSI 96657.00 0.25 5.32 12.77 31.31
2025-06-11 Basic minerals 54215.39 -0.55 8.22 33.56 30.42
2025-06-11 Fin + Ind 30 12756.05 0.49 4.51 8.19 32.03
2025-06-11 Financial 52876.90 1.06 5.10 2.78 38.25
2025-06-11 Industrial index 144408.75 0.07 4.36 12.57 28.96

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 09 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.48 17.23 10.61 14.01 11.29
PSG Stable Fund Class A 1.82 13.87 9.98 12.97 8.73
PSG Stable Fund Class E 1.82 14.52 10.62 13.62 8.62
PSG Wealth Preserver Fund of Funds Class D 27.42 15.20 10.75 10.84 9.38
South African - Multi Asset - High Equity PSG Balanced Fund Class A 112.95 17.75 12.53 19.92 12.94
PSG Balanced Fund Class E 113.14 18.43 13.18 20.60 10.48
PSG Investment Management Growth Fund of Funds  Class D 1.86 24.05 12.69 19.19 14.13
PSG Wealth Moderate Fund of Funds Class D 47.65 17.67 12.51 14.13 11.14
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.37 12.65 9.56 9.37 8.09
PSG Diversified Income Fund Class E 1.36 13.36 10.26 9.99 8.71
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.17 11.86 8.91 9.01 8.43
PSG Wealth Income Fund of Funds Class D 12.62 11.16 9.05 8.20 8.01
South African - Equity - General PSG Equity Fund Class A 19.90 17.75 13.15 22.80 13.01
PSG Equity Fund Class E 19.98 18.08 12.58 22.61 9.68
PSG Equity Fund Class F 19.98 18.28 13.67 23.33 10.59
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.30
PSG Wealth Creator Fund of Funds Class D 63.37 19.87 11.90 17.96 12.47
South African - Equity - SA General PSG SA Equity Class F 2.06 29.31 14.49 26.34 9.07
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.86 7.57 6.04 7.94
PSG Money Market Fund Class F 1.00 8.17 7.88 6.32 5.57
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.09 9.90 8.32 7.49 7.32
PSG Income Fund Class E 1.09 10.21 8.63 7.80 7.99
PSG Wealth Enhanced Interest Fund of Funds Class D 1.02 8.73 8.30 6.75 6.89
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.03
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.34 15.80 12.06 20.87 11.44
PSG Flexible Fund Class E 9.35 16.10 12.36 21.18 10.66

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 10 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.17 1.97 11.94 18.39 12.24
PSG Global Equity Feeder Fund Class E 5.38 2.55 12.58 18.89 11.89
PSG Wealth Global Creator Feeder Fund Class D 4.95 5.91 15.42 11.37 14.46
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 3.99 2.98 11.05 15.81 11.97
PSG Global Flexible Feeder Fund Class B 4.22 3.57 11.69 16.29 12.48
PSG Wealth Global Flexible Feeder Fund Class D 5.11 6.04 10.67 6.84 10.70
PSG Wealth Global Moderate Feeder Fund Class D 5.18 4.32 10.62 7.14 11.86
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.57 2.45 8.90 4.38 6.40

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 09 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.06 0.98 1.82 1.93 4.64
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 3.94 5.28 4.11 4.75 8.93
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.50 6.49 7.75 18.48 6.12
PSG Global Equity Sub-Fund Class B 2.60 7.02 8.36 19.08 7.51
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.23 9.90 10.17 10.53 9.65
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.80 6.88 4.16 3.78 3.70
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 21.54 7.36 6.96 16.18 6.13
PSG Global Flexible Sub-Fund Class B 22.94 7.85 7.46 16.55 6.76
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.74 8.72 4.28 4.36 2.94
PSG Wealth Global Flexible FoF (USD) Class D 3.40 10.19 5.70 6.17 7.90
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.23 8.43 5.69 6.42 5.41

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 2025/06/11
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 23.84 10.26 10.29 3.81
PSG Wealth Offshore Equity Portfolio (USD) 10.48 8.57 10.32 11.36
PSG Wealth SA Equity Portfolio 32.14 9.76 10.11 5.71
PSG Wealth SA Property Equity Portfolio 32.81 16.90 15.53 0.57

* 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

British American Tobacco full year results for FY24.

  • On 13 February 2025, British American Tobacco released full year results for FY24.
     
    • Total revenue declined 6.4% to £25.9 billion, due to regulatory issues in Bangladesh and Australia as well as larger than expected decline in cigarette volumes in the US. DEPS was up 2% to 2400.24 p/share.
    • Combustibles revenue was flat with price increases of 5.3% offsetting volume declines of 5.2%.
    • Profit from operations came in £2.7 billion impacted by a once off £6.2 billion charge related to provisioning for the settlement in Canada.
    • NGPs increased by £251 million and now have a contribution margin of 7.1%.
    • Adjusted net debt/EBITDA now sits at 2.44x, below the target of 2.54x.
    • A mixed bag of category performance with vapour disappointing at -5%, but Modern Oral growing at 46%, ahead of expectations.
    • Guidance remained unchanged at 1% revenue growth and share buybacks continue. Management guided for £700 million in FY24 (now completed) and a further £900 million in FY25. (Subsequently a further £200 million in share buybacks has been announced taking the total to £1.1 billion).
    Our research supports hold recommendation.

Renergen’s FY25 results for the period ending 28 February 2025

  • In this report, we review Renergen’s FY25 results for the period ending 28 February 2025, released on 19 May 2025, as well as the offer by ASP Isotopes Inc to purchase all the outstanding shares of Renergen. Financials: Revenue improved by 80%, from R29 million in FY24 to R52.1 million in FY25. The increase was driven by improved production and higher LNG prices. Cost of sales rose by R61.3 million to R80.2 million, mainly due the following:
    • Depreciation increased by R32.7 million.
    • Fuel and lubrication costs rose by R9.7 million, due to a larger asset base leading to increased machine hours.
    • Utility costs increased by R14.7 million, impacted by increased machine hours and the commissioning of the LHe production plant.
    Our research supports a sell recommendation.

Harmony Gold’s interim results for the period ended 31 December 2024

  • In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment. Financial:

    • Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.
    • Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.
    • An interim dividend of 227 cents was reported for 1H25.
    • AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.
    • The average gold price received improved by 28% to $2 437/oz during the period.

Corporate Actions

Date Company Share code Expectation
11 June 2025 BNP Paribas Issuance B.V.ZA245

Interest Payment

11 June 2025 Tharisa Plc THA

Cash Dividend

11 June 2025 Southern Sun Limited SSU

Cash Dividend

11 June 2025 Spear Riet LimitedSEA

Cash Dividend

11 June 2025 Life Healthcare Group Holdings Limited LHC

Cash Dividend

11 June 2025 Investec Limited Non-Redeemable Non-Cumulative Non-Participating Preference SharesINPR

Cash Dividend

11 June 2025 Investec Plc Rand-denomiated Preference Share INPPR

Cash Dividend

11 June 2025 Investec Plc Non-Redeemable Non-Cumulative Non-Participating Preference SharesINPP

Cash Dividend

11 June 2025 Exemplar REITail Limited EXP

Cash Dividend

11 June 2025 Exemplar REITail Limited EXP

Cash Distribution

11 June 2025 Coronation Fund Managers Limited CML

Cash Dividend

11 June 2025 Combined Motor Holdings Limited CMH

Cash Dividend

11 June 2025 Caxton and CTP Publishers and Printers Limited CAT

Odd Lot Offer

11 June 2025 Astral Foods Limited ARL

Cash Dividend

11 June 2025 Altron LimitedAEL

Cash Dividend

04 June 2025 AECI Limited 5.5 percent Cumulative Preference SharesAFEP

Cash Dividend

04 June 2025 Afrimat Limited AFT

Cash Dividend

04 June 2025 Assura PLC AHR

Cash Dividend

04 June 2025 COLLINS PROPERTY GROUP LIMITED CPP

Cash Dividend

04 June 2025 Dipula Properties Limited DIB

Cash Dividend

04 June 2025 Equites Property Fund Limited EQU

Cash Dividend

04 June 2025 Kaap Agri Limited KAL

Cash Dividend

04 June 2025 Newpark REIT Limited NRL

Cash Dividend

04 June 2025 We Buy Cars Holdings Limited WBC

Cash Dividend

04 June 2025 Oasis Crescent Property Fund (REIT)OAS

DRIP

02 June 2025 Anglo American PlcAGL

Unbundling

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.

PSG Financial Services +27 (21) 918 7800

Stay Informed

Sign up for our newsletters and receive information on finance.

©2025 PSG Financial Services Limited. All rights reserved. Affiliates of PSG Financial Services, a licensed controlling company, are authorised financial services providers.
Message us