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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 8 March 2019
South Africa
The local bourse slipped on Thursday afternoon on broad-based losses after a strengthened dollar put pressure on local banks and financials. At 18h30, the All Share lost 0.39%.
United States
US shares traded lower on Thursday as investors expressed concerns over the European Central Bank’s (ECB) decision to resort to pump-priming loans for Eurozone banks in an attempt to stimulate an aligning Eurozone economy. At 18h45, the Dow had fallen 0.79%.
Europe
European shares dropped further away from its five-month crest on Thursday in a build up to the ECB’s policy meeting that subsequently cut growth forecasts and gravitated towards a round of cheap loans for eurozone banks. At 18h50, the pan-European STOXX 600 index lost 0.49%.
Hong Kong
Hong Kong stocks plunged on Thursday as investors expressed concerns over a decelerating global economy and the lack of fresh developments from the US-Sino trade talks. The Hang Seng ended the day 0.88% lower.
Japan
The Nikkei fell to a one-week low on Thursday after chip-related shares in Japan shadowed a decline in their US counters, while banks pulled back following a drastic trim in Mizuho Financial Group’s profit and growth outlook. At 18h55, the Nikkei lost 0.71%.
Rand
The rand weakened against major global currencies on Thursday as global markets digested the resolutions from the ECB’s policy meeting. At 19h00, the rand traded R14.50 against the dollar.
Precious metals
Gold prices steadied on Thursday in anticipation of the long-awaited ECB policy meeting that subsequently trimmed growth forecasts for the Eurozone economy, while investors kept a close eye on US unemployment data. At 19h00, spot gold was trading at $1 284.82 an ounce.
Oil
Oil prices went up on Thursday following Opec-led supply cuts and US sanctions against Venezuelan and Iranian exports, with gains trimmed by record US crude output and declining global demand. At 19h05, a barrel of Brent crude was trading at $66.18.
The local bourse slipped on Thursday afternoon on broad-based losses after a strengthened dollar put pressure on local banks and financials. At 18h30, the All Share lost 0.39%.
United States
US shares traded lower on Thursday as investors expressed concerns over the European Central Bank’s (ECB) decision to resort to pump-priming loans for Eurozone banks in an attempt to stimulate an aligning Eurozone economy. At 18h45, the Dow had fallen 0.79%.
Europe
European shares dropped further away from its five-month crest on Thursday in a build up to the ECB’s policy meeting that subsequently cut growth forecasts and gravitated towards a round of cheap loans for eurozone banks. At 18h50, the pan-European STOXX 600 index lost 0.49%.
Hong Kong
Hong Kong stocks plunged on Thursday as investors expressed concerns over a decelerating global economy and the lack of fresh developments from the US-Sino trade talks. The Hang Seng ended the day 0.88% lower.
Japan
The Nikkei fell to a one-week low on Thursday after chip-related shares in Japan shadowed a decline in their US counters, while banks pulled back following a drastic trim in Mizuho Financial Group’s profit and growth outlook. At 18h55, the Nikkei lost 0.71%.
Rand
The rand weakened against major global currencies on Thursday as global markets digested the resolutions from the ECB’s policy meeting. At 19h00, the rand traded R14.50 against the dollar.
Precious metals
Gold prices steadied on Thursday in anticipation of the long-awaited ECB policy meeting that subsequently trimmed growth forecasts for the Eurozone economy, while investors kept a close eye on US unemployment data. At 19h00, spot gold was trading at $1 284.82 an ounce.
Oil
Oil prices went up on Thursday following Opec-led supply cuts and US sanctions against Venezuelan and Iranian exports, with gains trimmed by record US crude output and declining global demand. At 19h05, a barrel of Brent crude was trading at $66.18.
Our daily rant..
Yesterday saw MTN, release their financial results for the year ending December 2018. And the markets absolutely loved the results, this after they hated the trading update a couple of days ago from the group. Just shows how quick markets are to react and over react. MTN's share price over the last year lost more than a quarter of its total value, as the markets kept pricing in disaster in their financial results. When the results released yesterday came out and it wasn't all doom and gloom the market was elated and MTN shares skyrocketed 18.06% for the day. Thats right, it almost increased one fifth of its value in one trading day. But the results weren't fantastic either, they just wasn't as bad as the markets were expecting. We value the company based on yesterday's results at around R92 a share. See our article on MTN's latest financial results 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.
Markets have remained relatively flat in recent days with it flip flopping between gains and losses. So far for March 2019 the JSE All Share Index has declined by -0.26%. And while there overall returns of the JSE All Share so far in 2019 has been positive 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