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PSG daily investment update 30 January 2019
Date: 30 January 2019 Category: Stock Market |
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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 30 January 2019
South Africa
On Tuesday the JSE made up some of the losses experienced on Monday. This was mostly due to the dollar losing ground, boosting local banks and miners. At the close of trade, both the All Share and the Top 40 were up by over 1%.
United States
US markets opened flat on Tuesday as investors’ fears around further negative effects brought on by the tariff dispute between the US and China plateaued. At market close, the Nasdaq was down 1.11%, while the Dow fell 0.84%.
Europe
On Tuesday the FTSE 100 gained over 1% ahead of the Brexit vote. European markets also rallied on Tuesday as investors turned to utilities and consumer goods after worrisome warnings released by US companies. The STOXX 600 closed up 0.81%.
Hong Kong
The Hang Seng fell on Tuesday because of investor fears around the criminal charges laid by the US against the Chinese telecom giant Huawei, all of which was aggravated by the looming US-China tariff discussion taking place later this week.
Japan
Tuesday proved to be a difficult battle for Japanese indices due to performance warnings given by US Caterpillar Inc and Nvidia Corp and qualms around Chinese product demands. However, the Nikkei was lifted by gains in the utilities, food and railway sectors.
Rand
Despite investor worries, the local currency strengthened on Tuesday due to the greenback softening and gold prices surging. At 19h15, the rand traded at R13.58 a dollar.
Precious metals
On Tuesday gold reached its highest level in seven months, thanks to investors practising caution ahead of the Fed’s interest decision, the Brexit vote and the possible conclusion to the China-US trade war. At 19h15, spot gold was trading at $1 309.26 an ounce.
Oil
Oil prices made up ground on Tuesday in light of sanctions the US imposed on PDVSA, a Venezuelan state-owned oil company, in a possible attempt to hinder exports by OPEC members. At 20h10, benchmark Brent crude was trading at $61.42 a barrel.
On Tuesday the JSE made up some of the losses experienced on Monday. This was mostly due to the dollar losing ground, boosting local banks and miners. At the close of trade, both the All Share and the Top 40 were up by over 1%.
United States
US markets opened flat on Tuesday as investors’ fears around further negative effects brought on by the tariff dispute between the US and China plateaued. At market close, the Nasdaq was down 1.11%, while the Dow fell 0.84%.
Europe
On Tuesday the FTSE 100 gained over 1% ahead of the Brexit vote. European markets also rallied on Tuesday as investors turned to utilities and consumer goods after worrisome warnings released by US companies. The STOXX 600 closed up 0.81%.
Hong Kong
The Hang Seng fell on Tuesday because of investor fears around the criminal charges laid by the US against the Chinese telecom giant Huawei, all of which was aggravated by the looming US-China tariff discussion taking place later this week.
Japan
Tuesday proved to be a difficult battle for Japanese indices due to performance warnings given by US Caterpillar Inc and Nvidia Corp and qualms around Chinese product demands. However, the Nikkei was lifted by gains in the utilities, food and railway sectors.
Rand
Despite investor worries, the local currency strengthened on Tuesday due to the greenback softening and gold prices surging. At 19h15, the rand traded at R13.58 a dollar.
Precious metals
On Tuesday gold reached its highest level in seven months, thanks to investors practising caution ahead of the Fed’s interest decision, the Brexit vote and the possible conclusion to the China-US trade war. At 19h15, spot gold was trading at $1 309.26 an ounce.
Oil
Oil prices made up ground on Tuesday in light of sanctions the US imposed on PDVSA, a Venezuelan state-owned oil company, in a possible attempt to hinder exports by OPEC members. At 20h10, benchmark Brent crude was trading at $61.42 a barrel.
Our daily rant..
Yesterday saw Shoprite (SHP) bring out a trading statement after the market close that looked pretty bad. And we suspect the market will be punishing them big time today. Headline earnings per share is estimated to be between 16% and 29% lower than the last year.
See more on Shoprite's trading statement here.
See more on Shoprite's trading statement here.
Our JSE All Share index daily performance calendar
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.
For the month of January 2019 so far, the JSE All share index is up by 2.49%. Wednesday the 2nd saw its worse day of the month, while Wednesday the 9th saw the JSE All share record its best performing day of the month so far. Interestingly every Friday so far in January has seen the JSE end of a positive note.