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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 22 January 2019
South Africa
The JSE surged on Monday afternoon following a strong showing by Naspers, while banks and gold miners were under pressure. Naspers climbed 3.34% taking cues from Hong Kong associate Tencent. At the close of business, the All Share was up 0.76%.
United States
US markets were closed for a public holiday.
Europe
European shares fell from six-week highs on Monday after China’s fourth-quarter growth numbers confirmed a deceleration in the world’s second-biggest economy with 2018 being its weakest year since 1990. At close of business, the FTSE 100 was flat at 0.03%.
Hong Kong
Shares in Hong Kong soared on Monday as investors disregarded data showing that the Chinese economy slowed in the last quarter of 2018, amid expectations that Beijing would devise a plan for more stimulus to boost growth. The Hang Seng ended the day 0.39% higher.
Japan
Japan’s Nikkei hit a one-month high on Monday tracking gains from a US stock rally on Friday that boosted cyclical stocks while a softer yen supported exporters. The Nikkei share average gained 0.26% ending the day at 24 708.23 points.
Rand
The local currency was slightly weaker against major global currencies on Monday, as investors digested mixed reports from Asia, although market focus remains on Brexit. At 19h30, the rand traded R13.82 against the dollar.
Precious metals
Offset by a recovery in investor appetite for risk, gold prices were steady on Monday amid expectations that the US Fed will halt its multiyear interest rate hike cycle. Spot gold traded for $1 280.10 an ounce at 19h30.
Oil
Oil prices tumbled on Monday afternoon after data showed that economic growth in China eased in 2018. At 19h30, the benchmark Brent crude was trading at $62.58 a barrel.
The JSE surged on Monday afternoon following a strong showing by Naspers, while banks and gold miners were under pressure. Naspers climbed 3.34% taking cues from Hong Kong associate Tencent. At the close of business, the All Share was up 0.76%.
United States
US markets were closed for a public holiday.
Europe
European shares fell from six-week highs on Monday after China’s fourth-quarter growth numbers confirmed a deceleration in the world’s second-biggest economy with 2018 being its weakest year since 1990. At close of business, the FTSE 100 was flat at 0.03%.
Hong Kong
Shares in Hong Kong soared on Monday as investors disregarded data showing that the Chinese economy slowed in the last quarter of 2018, amid expectations that Beijing would devise a plan for more stimulus to boost growth. The Hang Seng ended the day 0.39% higher.
Japan
Japan’s Nikkei hit a one-month high on Monday tracking gains from a US stock rally on Friday that boosted cyclical stocks while a softer yen supported exporters. The Nikkei share average gained 0.26% ending the day at 24 708.23 points.
Rand
The local currency was slightly weaker against major global currencies on Monday, as investors digested mixed reports from Asia, although market focus remains on Brexit. At 19h30, the rand traded R13.82 against the dollar.
Precious metals
Offset by a recovery in investor appetite for risk, gold prices were steady on Monday amid expectations that the US Fed will halt its multiyear interest rate hike cycle. Spot gold traded for $1 280.10 an ounce at 19h30.
Oil
Oil prices tumbled on Monday afternoon after data showed that economic growth in China eased in 2018. At 19h30, the benchmark Brent crude was trading at $62.58 a barrel.
Our daily rant..
Yesterday Naspers (NPN) finally gave more clarity on its planned unbundling of MultiChoice from the group. Based on the pro forma financials as supplied in MultiChoice's prelisting statement, the group will have an estimated market price of R95 billion (or R211) a share once they list, assuming a PE ratio of 15 is what MultiChoice will be trading at. For more on this see our article on the Naspers and MultiChoice unbundling.