Daily Investment Update

US stocks ended mostly lower on Tuesday as investors weighed the potential impact of further tariffs and considered the Federal Reserve’s next policy move. The S&P 500 slipped by 0.08% to close at 6 263.73 after briefly touching a fresh record earlier in the session, while the Dow Jones Industrial Average fell by 0.68%, shedding around 300 points. June’s inflation data showed headline figures rising to 2.70%, in line with expectations, although core inflation came in 2.90% slightly below forecast of 3%. Despite the softer core reading, markets still anticipate the Fed will hold interest rates steady at its upcoming meeting, with policymakers expected to remain cautious due to inflation risks linked to tariffs. White House officials confirmed that trade negotiations are ongoing with the European Union, Japan and South Korea – all of which have already been hit with steep import duties – fuelling concerns over potential price surges in August.

In corporate developments, JPMorgan Chase and Wells Fargo saw sharp declines after releasing their second-quarter earnings, while Citigroup outperformed its peers on the back of stronger-than-expected results. Meanwhile, Nvidia shares rose 4% after the US eased certain export restrictions on China, helping lift the tech-heavy Nasdaq 100, which ended the day up at 0.62%. The US dollar index initially dipped but later rebounded to trade above 98.4 points.

European stocks reversed early gains to close mostly lower, as investors continued to weigh the potential fallout from impending US tariffs on European goods. The Eurozone’s benchmark STOXX 50 edged down by 0.30%, while the broader STOXX 600 finished 0.37% lower at 544.95. Financials were among the biggest decliners, with shares of Allianz, BBVA, and UniCredit slipping between 1% and 2%. Ericsson also retreated over 4%, despite surpassing earnings expectations, as concerns mounted over the possible effects of US trade measures on its operations. On the upside, ASML gained 2.70%, lifted by improved sentiment in the semiconductor space following news that the US would loosen export restrictions on Nvidia chips. 

Meanwhile, broader caution was evident across the region’s equity markets, with Germany’s DAX declining by 0.32% and London’s FTSE 100 slipping 0.61%, pulling back from record highs near the 9 000 mark. The FTSE was weighed down by homebuilders, following a disappointing trading update from Barratt Redrow, whose shares dropped 6.80%.

South Africa’s mining production edged up by 0.20% in May 2025, marking a modest recovery after a sharp 7.70% decline in April and bringing an end to six consecutive months of contraction. The rand firmed by 0.15% to trade at R17.89 against the US dollar and R20.77 against the euro at 17:21 SAST. On the equities front, the All Share Index (ALSI) rose by 0.23% to close at 97 019.36, with the Top 40 gaining 0.29%. In contrast, the JSE Resource 10 index slipped by 0.14%.

Asian markets closed mixed, with gains in Japan and Hong Kong offset by losses in mainland China. Japan’s Nikkei 225 rose by 0.55% to finish at 39 678.02, supported by improved investor sentiment. In Hong Kong, the Hang Seng Index climbed 1.45%, led by strength in Chinese-related stocks. However, the Shanghai Composite in mainland China slipped by 0.45%, closing at 3 503.89, as concerns over domestic economic conditions weighed on sentiment.

In the commodities market, gold slipped marginally by 0.02% to $3 340.17 per ounce, while silver declined by 1.46%. Platinum, on the other hand, rose by 2.47%. Brent crude futures continued to drift lower towards $69 a barrel, extending a 1.60% loss from the previous session. The decline followed growing scepticism among traders that US President Donald Trump’s recent pressure campaign on Russia would cause immediate disruptions to oil exports. President Trump announced increased military aid to Ukraine and warned of 100% tariffs if a peace deal is not reached within 50 days – raising the prospect of secondary sanctions on major Russian oil buyers such as India and China. However, the 50-day window was viewed by markets as reducing the risk of near-term supply disruptions.

Navigation

ALBI (R) 1182.78 0.30 Brent Oil ($) 68.85 0.20 Gold ($) 3337.93 0.40 Platinum ($) 1384.35 1.16 Rand/EUR 20.77 0.59 Rand/GBP 23.95 0.35 Rand/USD 17.89 0.04

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-07-16 ALSI 97019.36 0.23 1.95 18.24 22.23
2025-07-16 Basic minerals 56915.21 -0.17 2.44 36.58 28.87
2025-07-16 Fin + Ind 30 12616.99 0.33 1.67 13.70 20.63
2025-07-16 Financial 51328.68 0.14 0.05 5.42 13.01
2025-07-16 Industrial index 144840.28 0.48 2.52 19.93 25.92

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 14 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 1.51 16.68 12.49 13.77 11.49
PSG Stable Fund Class A 1.85 14.94 12.29 13.11 8.87
PSG Stable Fund Class E 1.86 15.61 12.93 13.76 8.79
PSG Wealth Preserver Fund of Funds Class D 27.85 14.99 12.39 10.83 9.43
South African - Multi Asset - High Equity PSG Balanced Fund Class A 116.15 19.83 17.01 19.50 13.04
PSG Balanced Fund Class E 116.41 20.52 17.69 20.18 10.72
PSG Investment Management Growth Fund of Funds  Class D 1.91 23.11 16.05 18.81 14.49
PSG Wealth Moderate Fund of Funds Class D 48.66 19.10 15.01 13.88 11.23
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.38 12.23 10.26 9.53 8.12
PSG Diversified Income Fund Class E 1.38 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 12.76 10.52 9.55 8.32 8.04
South African - Equity - General PSG Equity Fund Class A 20.46 20.04 18.32 22.30 13.12
PSG Equity Fund Class E 20.56 20.48 17.78 22.12 9.95
PSG Equity Fund Class F 20.54 20.60 18.87 22.84 10.86
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.31
PSG Wealth Creator Fund of Funds Class D 64.67 21.15 15.85 17.27 12.60
South African - Equity - SA General PSG SA Equity Class F 2.12 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 9.55 17.92 16.62 20.50 11.54
PSG Flexible Fund Class E 9.56 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 15 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 5.32 12.40 15.19 18.80 12.44
PSG Global Equity Feeder Fund Class E 5.54 13.04 15.86 19.32 12.14
PSG Wealth Global Creator Feeder Fund Class D 5.07 8.73 16.81 11.84 14.55
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.07 11.79 13.85 16.02 12.11
PSG Global Flexible Feeder Fund Class B 4.30 12.44 14.51 16.52 12.62
PSG Wealth Global Flexible Feeder Fund Class D 5.20 8.73 11.00 6.81 10.72
PSG Wealth Global Moderate Feeder Fund Class D 5.32 8.06 11.62 7.40 11.96
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.60 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 14 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 2.56 15.50 14.17 18.33 6.41
PSG Global Equity Sub-Fund Class B 2.66 16.08 14.81 18.95 8.13
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.29 11.70 14.66 11.03 9.88
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.82 8.42 6.46 3.88 3.80
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 21.88 14.93 12.72 15.86 6.39
PSG Global Flexible Sub-Fund Class B 23.32 15.46 13.24 16.28 7.02
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.76 10.90 7.19 4.42 3.06
PSG Wealth Global Flexible FoF (USD) Class D 3.45 11.58 8.60 6.16 8.02
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.27 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 2025/07/15
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 12.05 12.60 10.86 3.73
PSG Wealth Offshore Equity Portfolio (USD) 8.99 11.76 10.13 11.35
PSG Wealth SA Equity Portfolio 23.42 12.29 10.64 5.78
PSG Wealth SA Property Equity Portfolio 25.72 18.70 15.85 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.

Recent investment ideas

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.

Turkcell challenges MTN’s constitutional court appeal in Iran license dispute

  • Analyst Thesis
    • We remain positive on MTN's earnings outlook due to the following reasons:
    • MTN’s recent price increases in Nigeria, implemented to counter inflation and higher network expenses, are expected to be fully reflect from the Q2 FY2025 results onwards.
    • MTN targets R7–8 billion in cost savings by 2026 through digitalisation and operational efficiencies which support margin expansion.
    • Nigeria inflation is projected to decline to 22.1% by end-2025, easing operating costs and improving consumer affordability.
    • Higher oil production should improve Nigeria’s fiscal and FX position, supporting MTN Nigeria’s operating outlook.
    • The cedi’s appreciation supports earnings quality and enhances cash repatriation from Ghana.
    • The $4.2 billion Turkcell lawsuit poses a notable risk, however, MTN’s underlying momentum and long-term growth drivers continue to support our investment case.
    Our research supports a hold recommendation.

Corporate Actions

Date Company Share code Expectation
16 July 2025 ABSA Bank Limited Non-Cumulative Non-Redeemable Preference Shares ABSP

Cash Dividend

16 July 2025 Acsion Limited ACS

Cash Dividend

16 July 2025 Alexander Forbes Group Holdings Limited AFH

Cash Dividend

16 July 2025 Alexander Forbes Group Holdings Limited AFH

Special Cash Dividend

16 July 2025 CastleView Property Fund Limited CVW

DRIP

16 July 2025 Datatec LimitedDTC

DVOP

16 July 2025 ISA Holdings LimitedISA

Cash Dividend

16 July 2025 Marshall Monteagle PlcMMP

Cash Dividend

16 July 2025 Ninety One Plc N91

Cash Dividend

16 July 2025 Nictus Limited NCS

Cash Dividend

16 July 2025 Novus Holdings LimitedNVS

Cash Dividend

16 July 2025 Ninety One Limited NY1

Cash Dividend

16 July 2025 PBT Group Limited PBG

Capital Distribution

16 July 2025 PBT Group Limited PBG

Cash Dividend

16 July 2025 Schroder European Real Estate Investment Trust PLC SCD

Cash Dividend

16 July 2025 The Foschini Group LimitedTFG

Cash Dividend

16 July 2025 Trencor Limited TRE

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.

PSG Financial Services +27 (21) 918 7800

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