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In our continued efforts to give our readers a broad number of views, opinions and information, we continue to provide PSG's daily market updates and add our own daily rant at the end.
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Short summary of PSG's market commentary for 19 March 2019
South Africa
The JSE pushed higher on Monday, with banks reversing an earlier weakness to close higher. The All Share closed 1.30% in the green.
United States
The US Federal Reserve will begin its meeting on interest rates on Tuesday. Dovish Fed policy has been cited by analysts as a reason for the dollar’s weakness, which has benefited miners. Shortly after the JSE closed, the Dow was flat.
Europe
British MPs may vote on Tuesday for a third time on UK Prime Minister Theresa May’s Brexit agreement. Shortly after the JSE closed, the FTSE 100 had gained 0.78%.
Hong Kong
Hong Kong shares tracked the mainland Chinese markets higher on Monday, buoyed by expectations that the Fed will take a dovish stance at its policy meeting this week. The Hang Seng index rose 0.56%.
Japan
The Nikkei rose on Monday as chip-related shares tracked strength in their US counterparts, but weak February export data subdued prices. The Nikkei share average ended 0.77% higher.
Rand
The rand was steady on Monday, as investors waited for fresh catalysts. At 22h00, one dollar cost R14.44.
Precious metals
Gold prices slipped on Monday, as gains in equity markets dented the appeal of the precious metal ahead of the Fed’s policy meeting this week. At 22h00, an ounce of spot gold traded at $1 303.90.
Oil
Major oil producers led by Saudi Arabia have agreed to keep working together to prop up crude prices, but say they will decide only in June on whether to extend production cuts. At 22h00, a barrel of Brent crude traded at $67.37.
The JSE pushed higher on Monday, with banks reversing an earlier weakness to close higher. The All Share closed 1.30% in the green.
United States
The US Federal Reserve will begin its meeting on interest rates on Tuesday. Dovish Fed policy has been cited by analysts as a reason for the dollar’s weakness, which has benefited miners. Shortly after the JSE closed, the Dow was flat.
Europe
British MPs may vote on Tuesday for a third time on UK Prime Minister Theresa May’s Brexit agreement. Shortly after the JSE closed, the FTSE 100 had gained 0.78%.
Hong Kong
Hong Kong shares tracked the mainland Chinese markets higher on Monday, buoyed by expectations that the Fed will take a dovish stance at its policy meeting this week. The Hang Seng index rose 0.56%.
Japan
The Nikkei rose on Monday as chip-related shares tracked strength in their US counterparts, but weak February export data subdued prices. The Nikkei share average ended 0.77% higher.
Rand
The rand was steady on Monday, as investors waited for fresh catalysts. At 22h00, one dollar cost R14.44.
Precious metals
Gold prices slipped on Monday, as gains in equity markets dented the appeal of the precious metal ahead of the Fed’s policy meeting this week. At 22h00, an ounce of spot gold traded at $1 303.90.
Oil
Major oil producers led by Saudi Arabia have agreed to keep working together to prop up crude prices, but say they will decide only in June on whether to extend production cuts. At 22h00, a barrel of Brent crude traded at $67.37.
Our daily update
Yesterday we focused on South Africa's mining industry and showed how Coal is the new "Gold" in South Africa, with value of coal sales for January 2019 being far greater than the value of South Africa's gold sales. It is clear that the gold mining industry ins in its sunset years and it wont be long before the industry in South Africa starts dying all together. The sad reality is mines are to deep and expensive to run profitably, and a lack of stable electricity supply wont help mines and mine safety either. See the full article regarding the coal and gold sales values here.
Our JSE All Share index daily performance calendar
Visit our JSE Calendar tracker page for a expanded version of the calendar below
The graphic below provides the daily returns of the JSE All Share Index (J203) on a calendar chart. Provides a great overview of the All share index over the course of the month. It will be updated daily with our daily investment update as received from PSG.
So yesterday's strong performance saw the JSE All Share Index end 1.3% in the green. This has pushed the returns for March 2019 strongly into the green. And while there overall returns of the JSE All Share so far in 2019 has been positive (as shown by our 2019 Calendar tracker) we are losing out in Dollar terms. We continue to advise investors to take money out of South Africa and invest it offshore. Looking for ideas for investments to make? Go read this article