Daily Investment Update

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Monday’s trading saw Asia finish on a high, with Japan and China hitting record levels and investors showing renewed optimism ahead of pivotal global developments. China’s Shanghai Composite surged 0.97%, marking its highest close in nearly a decade, while the Shenzhen Component Index rose by 1.73%. Japan’s Nikkei share average extended last week’s gains, also closing at a record high of 43 714.31, increasing by 0.77%, as a weaker yen supported automakers’ stocks. 

The broader Topix Index reached a record close at 3 120.96, rising 0.43%, with both indices marking record levels for the second consecutive session. The MSCI Asia Pacific Index edged 0.40% higher, signalling generally positive momentum across the region. By contrast, Hong Kong’s Hang Seng Index dipped slightly, closing 0.14% lower. Overall, the performance across these key markets reflects rising investor confidence as they anticipate accommodative monetary policy and improved geopolitical stability.

European equities, however, drifted lower on Monday as investors stayed cautious ahead of a week set to be dominated by central bank signals and geopolitical developments. The STOXX 50 slipped 0.30% to 5 431, the STOXX 600 was unchanged at 554, and Frankfurt’s DAX eased 0.20% to 24 302.

Attention remains on the Jackson Hole Symposium later this week, where Federal Reserve Chair Jerome Powell may outline the path for interest rates. Softer labour market data has strengthened the case for further easing. Geopolitics also weighed on sentiment, with Ukrainian President Volodymyr Zelensky and European leaders in Washington for high stakes talks with US President Donald Trump on a potential peace deal.

Sector performance was mixed. Banks dragged on indices, with BNP Paribas and Nordea both falling more than 1.50%. By contrast, Vestas jumped 15% after benefitting from favourable changes to US tax credits, while Novo Nordisk advanced over 6% after cutting the direct-purchase price of its obesity drug Wegovy.

In London, the FTSE 100 outperformed its continental peers, edging higher to close at 9 140.46. Defence and aerospace stocks gained on the back of geopolitical tensions, with Babcock International up as much as 5% after RBC initiated coverage, citing its strong Ministry of Defence ties and improved balance sheet. Endeavour Mining was supported by higher gold prices, while Dr Martens also rose. In contrast, Cranswick slipped after reports of animal cruelty at one of its farms weighed on sentiment towards the meat producer.

US stocks were largely flat on Monday, as investors paused following recent gains. The S&P 500 and Nasdaq showed little movement, while the Dow slipped 0.10%. Attention is turning to a busy week ahead, with earnings from major retailers—including Walmart, Target, Home Depot, and Lowe’s—expected to influence market direction, alongside Federal Reserve Chair Jerome Powell’s highly anticipated speech at the Jackson Hole symposium. Markets are pricing in a high probability of a September rate cut, while the release of the Fed’s July meeting minutes on Wednesday could provide further insight into policy debates.

Geopolitical developments also remained in focus after President Donald Trump met with Ukrainian President Zelensky and European leaders, following his recent summit with Russian President Putin. Although no ceasefire breakthrough was achieved, agreement was reached on US and European security guarantees for Ukraine. Treasury yields held above 4.30% as investors weighed these developments. On the corporate front, Intel shares fell nearly 4% amid reports that the White House is considering acquiring a 10% stake, adding to cautious sentiment.

South African markets ended in negative territory on Monday, with the All Share Index falling 0.79%, the JSE Top 40 declining 0.87% and the Financial 15 down 0.75%. The pullback came amid cautious investor sentiment, as markets weighed global economic developments and geopolitical uncertainties. Despite the equity declines, the rand showed relative resilience, strengthening 0.38% against the dollar to close at R17.64 and rising to R20.57 against the euro. Against the pound, however, the local currency eased 0.34%, ending the session at R23.82.

In commodities, gold eased to $3 331.90 per ounce, while platinum fell 0.49%. Brent crude rose 1.15% to $66.61 per barrel, supported by optimism over demand and geopolitical developments.

Navigation

ALBI (R) 1211.69 -0.18 Brent Oil ($) 66.18 -0.63 Gold ($) 3335.74 0.09 Platinum ($) 1329.38 -0.04 Rand/EUR 20.58 -0.09 Rand/GBP 23.83 -0.07 Rand/USD 17.65 -0.48

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-08-19 ALSI 101142.62 -0.79 2.54 15.63 26.35
2025-08-19 Basic minerals 60773.69 -0.64 5.83 36.81 44.99
2025-08-19 Fin + Ind 30 13066.01 -0.84 1.60 10.40 21.65
2025-08-19 Financial 53785.86 -0.66 1.43 10.41 14.09
2025-08-19 Industrial index 148693.77 -0.98 1.44 10.08 27.10

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 15 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.52 15.40 12.55 13.88 11.55
PSG Stable Fund Class A 1.87 13.46 12.12 13.43 8.91
PSG Stable Fund Class E 1.88 14.11 12.77 14.08 8.84
PSG Wealth Preserver Fund of Funds Class D 28.28 14.60 12.16 11.00 9.49
South African - Multi Asset - High Equity PSG Balanced Fund Class A 115.71 17.94 16.88 20.03 13.08
PSG Balanced Fund Class E 116.04 18.61 17.56 20.72 10.82
PSG Investment Management Growth Fund of Funds  Class D 1.93 20.81 16.00 18.99 14.60
PSG Wealth Moderate Fund of Funds Class D 49.42 18.74 14.61 13.95 11.29
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.40 11.61 10.20 9.48 8.14
PSG Diversified Income Fund Class E 1.40 12.32 10.90 10.10 8.80
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.20 10.92 9.55 8.93 8.53
PSG Wealth Income Fund of Funds Class D 12.92 10.17 9.63 8.42 8.07
South African - Equity - General PSG Equity Fund Class A 20.50 18.12 18.43 22.64 13.18
PSG Equity Fund Class E 20.62 18.73 17.93 22.46 10.12
PSG Equity Fund Class F 20.60 18.66 18.97 23.18 11.02
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.38
PSG Wealth Creator Fund of Funds Class D 66.86 20.94 15.46 16.90 12.70
South African - Equity - SA General PSG SA Equity Class F 2.12 25.38 19.74 25.25 9.51
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.68 7.70 6.14 7.94
PSG Money Market Fund Class F 1.00 7.99 8.01 6.42 5.59
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.11 9.71 8.67 7.47 7.36
PSG Income Fund Class E 1.11 10.03 8.98 7.78 8.03
PSG Wealth Enhanced Interest Fund of Funds Class D 1.02 8.53 8.48 6.85 6.91
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.07
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.55 15.72 16.42 20.65 11.57
PSG Flexible Fund Class E 9.57 16.03 16.73 20.96 10.97

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 18 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.37 15.19 16.87 19.25 12.67
PSG Global Equity Feeder Fund Class E 5.59 15.85 17.55 19.78 12.42
PSG Wealth Global Creator Feeder Fund Class D 5.11 12.38 16.92 11.43 14.72
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.08 13.23 15.13 16.20 12.28
PSG Global Flexible Feeder Fund Class B 4.32 13.89 15.79 16.71 12.80
PSG Wealth Global Flexible Feeder Fund Class D 5.23 10.48 11.02 6.69 10.90
PSG Wealth Global Moderate Feeder Fund Class D 5.37 10.25 11.81 7.50 12.12
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.61 6.35 9.34 5.07 6.75

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 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.12 3.21 3.01 2.98 4.84
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 4.06 7.31 5.08 5.31 9.12
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.61 12.37 12.54 17.71 6.37
PSG Global Equity Sub-Fund Class B 2.71 12.94 13.17 18.33 8.03
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.35 11.33 12.65 9.67 9.84
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.85 6.57 5.76 3.54 3.81
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 22.16 10.91 11.00 15.00 6.29
PSG Global Flexible Sub-Fund Class B 23.62 11.41 11.51 15.45 6.91
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.79 9.08 5.83 3.45 3.05
PSG Wealth Global Flexible FoF (USD) Class D 3.50 9.95 7.25 5.17 8.00
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.31 9.30 7.82 5.82 5.62

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 2025/08/14
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 17.75 10.90 11.55 4.24
PSG Wealth Offshore Equity Portfolio (USD) 12.95 9.06 9.38 11.36
PSG Wealth SA Equity Portfolio 29.10 10.69 11.32 6.23
PSG Wealth SA Property Equity Portfolio 24.52 17.04 18.47 0.98

* 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

Renergen Limited

  • This report provides a summary of the Renergen and ASPI offer, along with the latest developments related to it. ASPI has made a firm offer to buy all shares of Renergen. This offer is planned to happen through a formal arrangement between Renergen and its shareholders. If this arrangement does not go through, there is a backup “standby offer” that can be used instead. A detailed document explaining the offer and setting out the meeting details was sent to all Renergen shareholders listed as of 30 May 2025. This document explains how the offer will work and what conditions need to be met for it to proceed. If the main arrangement is successful: 
    •    Shareholders will receive new shares from ASPI according to a set exchange rate. 
    •    ASPI will take full ownership of Renergen 
    •    Renergen Shares will be delisted from the JSE, A2X and ASX. 
    If the arrangement fails because certain conditions are not met, the standby offer will open. This backup offer will have the same terms as the original one and shareholders will be informed when it becomes available. Our research supports a sell recommendation.

South Africa’s largest retailer, Shoprite, remains a market leader with ongoing growth and expansion

  • At current levels, the stock trades below historical price multiples and presents an upside to our intrinsic value. Shoprite is a high-quality SA retailer as evidenced by:
    • Internal price inflation for the period averaged just 1.9%. This reflects Shoprite’s commitment to affordability and its ability to pass on cost savings to consumers, which should help with future volume growth.
    • Shoprite’s consistent margin expansion, driven by pricing power and operational efficiency, underscores its ability to preserve profitability while maintaining affordability, solidifying its value-driven market leadership.
    • Successful platforms like Sixty60 and Xtra Savings have boosted transaction values and customer loyalty, reinforcing margin resilience and evidencing management’s innovation.
    • The group’s consistent rollout of new stores across various formats, without compromising operational efficiency or margin integrity, reinforces its ability to capture market share, drive top-line growth, and deliver long-term shareholder value.
    • South Africa’s recent shift to lower interest rates and a subdued inflation environment creates a supportive backdrop for consumer-focused businesses like Shoprite.
    Our research supports a buy recommendation

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.

Corporate Actions

Date Company Share code Expectation
20 August 2025 Anglo American PlcAGL

DRIP

20 August 2025 AngloGold Ashanti Plc ANG

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd Redeemable Cumulative Non-Participating No Par Value Preference Shares IMRP1

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd IMRP2

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd IMRP3

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd IMRP4

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd IMRP6

Cash dividend

20 August 2025 Investec Bank (Mauritius) Ltd IMRP7

Cash dividend

20 August 2025 Invicta Holdings Limited IVT

Cash dividend

20 August 2025 Kumba Iron Ore LimitedKIO

Cash dividend

20 August 2025 Mondi PlcMNP

DRIP

20 August 2025 Shafterbury Capital Plc SHC

Cash dividend

20 August 2025 Telemasters Holdings Limited TLM

Cash dividend

20 August 2025 Valterra Platinum Limited VAL

Cash dividend

20 August 2025 BNP Paribas Issuance B.V.ZA251

Cash distribution

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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