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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 6 February 2019
South Africa
The JSE closed higher on Tuesday, although trade remained cautious ahead of President Cyril Ramaphosa’s State of the Nation address later this week. The All Share closed up by 1.53%.
United States
Technology and consumer discretionary stocks lifted Wall Street on Tuesday fueled by earnings optimism, ahead of the highly awaited State of the Union address by President Donald Trump. At 20h25 the Nasdaq was up with 0.42%.
Europe
European shares closed up on Tuesday as a recovery in banks, gains in oil stocks and a solid update from BP helped offset disappointing updates from amongst others, the Apple supplier AMS. The pan-European STOXX 600 index rose 1.30%.
Hong Kong
Mainland Chinese markets are shut for the week for the Lunar New Year holiday.
Japan
The Nikkei edged lower on Tuesday, snapping a three-day rally as the market digested a slew of corporate earnings. The Nikkei ended 0.19% lower.
Rand
The rand was slightly firmer on Tuesday ahead of Trump’s State of the Union address. One dollar cost R13.37 at 20h45.
Precious metals
Gold prices were lower on Tuesday, as a stronger dollar and renewed interest in riskier assets dampened demand. At 20h45 an ounce of gold traded at $1 314.50.
Oil
Oil prices edged up on Tuesday, buoyed by expectations of tightening global supply due to US sanctions on Venezuela and production cuts led by oil cartel Opec. At 20h45 a barrel of Brent crude traded at $62.13 a barrel.
The JSE closed higher on Tuesday, although trade remained cautious ahead of President Cyril Ramaphosa’s State of the Nation address later this week. The All Share closed up by 1.53%.
United States
Technology and consumer discretionary stocks lifted Wall Street on Tuesday fueled by earnings optimism, ahead of the highly awaited State of the Union address by President Donald Trump. At 20h25 the Nasdaq was up with 0.42%.
Europe
European shares closed up on Tuesday as a recovery in banks, gains in oil stocks and a solid update from BP helped offset disappointing updates from amongst others, the Apple supplier AMS. The pan-European STOXX 600 index rose 1.30%.
Hong Kong
Mainland Chinese markets are shut for the week for the Lunar New Year holiday.
Japan
The Nikkei edged lower on Tuesday, snapping a three-day rally as the market digested a slew of corporate earnings. The Nikkei ended 0.19% lower.
Rand
The rand was slightly firmer on Tuesday ahead of Trump’s State of the Union address. One dollar cost R13.37 at 20h45.
Precious metals
Gold prices were lower on Tuesday, as a stronger dollar and renewed interest in riskier assets dampened demand. At 20h45 an ounce of gold traded at $1 314.50.
Oil
Oil prices edged up on Tuesday, buoyed by expectations of tightening global supply due to US sanctions on Venezuela and production cuts led by oil cartel Opec. At 20h45 a barrel of Brent crude traded at $62.13 a barrel.
Our daily rant..
In a article yesterday we mentioned that Coronation (CML) might be in for a bit more pain, when using our technical analysis graphic and focusing in support and resistance lines for the share, based on a Fibonacci fan. The line shows a few occasions which it hit resistance and declined from there, and it might find support at the other end of the line now, which is around R37.27
While we are not a great believer in using technical analysis to decide to buy shares (we use fundamentals for that), we do value the role technical analysis plays in deciding when to buy, and identifying potential support and resistance levels for a share.
While we are not a great believer in using technical analysis to decide to buy shares (we use fundamentals for that), we do value the role technical analysis plays in deciding when to buy, and identifying potential support and resistance levels for a share.
Coronation technical analysis chart
Read more about Coronation and find our interactive technical analysis chart of Coronation 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.
The first trading day of February ended in the red. In contrast to January in which every Friday ended the day in the green. So far the market has gained 0.11% during the first 5 days of February 2019, granted it has only had 3 trading days so far. Coronation shareholders would be hoping for a lot more days like yesterday to improve the company's fortunes and assist in a recovery of its share price.