Market Review, Commodities, Currencies, Economic & Corporate Update - 02.12.24

Published 2024/12/02, 09:26
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red on Friday, led by losses in pharmaceutical sector stocks.
  • Pharmaceutical companies, Life Healthcare Group (JO:LHCJ) and Netcare (JO:NTCJ) declined 4.2% and 0.9%, respectively.
  • Platinum miners, Impala Platinum (JO:IMPJ) and Northam Platinum (JO:NPHJ) declined 2.7% and 1.1%, respectively.
  • Retailers, Cashbuild (JO:CSBJ), Clicks Group (JO:CLSJ) and Shoprite Holdings (JO:SHPJ) fell 1.7%, 1.6% and 0.7%, respectively.
  • Food companies, both, RCL foods (JO:RCLJ) and Tiger Foods (JO:TBSJ) eased 1.6%, each.
  • On the flipside, mining companies, Anglo American (JO:AGLJ) (LON:AAL) and Pan African Resources (JO:PANJ) advanced 3.5% and 2.1%, respectively.
  • Telecommunications companies, Telkom SA SOC (JO:TKGJ) and Blue Label Telecoms (JO:BLUJ) gained 1.9% and 1.7%, respectively.
  • The JSE All Share index declined 0.3% to close at 84,510.44.

UK MARKET REVIEW

  • The UK market finished firmer on Friday, boosted by gains in mining sector stocks.
  • Miners, Anglo American, Antofagasta (LON:ANTO), Glencore (LON:GLEN) and Fresnillo (LON:FRES) advanced 5.4%, 1.8%, 1.7% and 1.3, respectively.
  • Retailers, Next (LON:NXT) and B&M European Value Retail S.A. (LON:BMEB) gained 2.2% and 1.3%, respectively.
  • Homebuilders, Vistry Group (LON:VTYV), Taylor Wimpey (LON:TW) and Persimmon (LON:PSN) rose 1.1%, 1.0% and 0.8%, respectively.
  • Insurance companies, Admiral Group (LON:ADML) and Aviva (LON:AV) added 1.0% and 0.9%, respectively.
  • On the flipside, water utilities companies, Severn Trent (LON:SVT) and United Utilities Group (LON:UU) declined 1.1% and 0.9%, respectively.
  • Banking firms, Standard Chartered (LON:STAN) and Barclays (LON:BARC) eased 0.7% and 0.5%, respectively.
  • The FTSE 100 index advanced 0.1% to close at 8,287.30.

US MARKET REVIEW

  • US markets ended higher on Friday, boosted by gains in technology sector stocks.
  • Technology companies, Nvidia Corporation (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO), Qualcomm (NASDAQ:QCOM) and Apple (NASDAQ:AAPL) advanced 2.2%, 1.5%, 1.4% and 1.0%, respectively.
  • Departmental stores companies, Target Corporation (NYSE:TGT), Dollar General Corporation (NYSE:DG), Costco Wholesale Corporation (NASDAQ:COST) and Walmart (NYSE:WMT) gained 1.7%, 1.3%, 1.1% and 0.7%, respectively.
  • Pharmaceutical (TADAWUL:2070) companies, Pfizer (NYSE:PFE) and Amgen (NASDAQ:AMGN) rose 1.5% and 1.0%, respectively.
  • On the contrary, financial services companies, Wells Fargo & Company (NYSE:WFC) and Bank of America Corporation (NYSE:BAC) declined 1.4% and 0.5%, respectively.
  • The S&P 500 index rose 0.6% to settle at 6,032.38, while the DJIA index advanced 0.4% to close at 44,910.65.
  • The NASDAQ index climbed 0.8% to end the trading session at 19,218.17.

ASIA MARKET REVIEW

  • Asian markets are trading mostly higher this morning, boosted by robust Chinese manufacturing data.
  • In Japan, financial services company, Sumitomo Mitsui Financial Group (TYO:8316) has advanced 3.9%.
  • On the flipside, electronic devices company, Murata Manufacturing (TYO:6981) has dropped 1.6%.
  • In Hong Kong, automobile company, Geely Automobile (HK:0175) has jumped 4.5%.
  • On the other hand, pharmaceutical company, Hansoh Pharmaceutical Group (HK:3692) has declined 1.2%.
  • In South Korea, electronic appliances company, Coway (KS:021240) has surged 7.4%.
  • On the contrary, pharmaceutical company, Samil Pharmaceutical (KS:000520) has plunged 8.2%.
  • The Nikkei 225 index is trading marginally higher at 38,220.01.
  • The Hang Seng index has gained 0.2% to trade at 19,465.82, while the Kospi index is trading 0.1% lower at 2,452.53.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.9% to trade at $72.29/bl.
  • On Friday, Brent prices fell 0.5% to settle at $72.94/bl, amid easing supply concerns from the Israel-Hezbollah conflict and rising prospects of increased supply in 2025.
  • At 05:30 SAST today, gold prices declined 1.0% to trade at $2,628.15/oz. On Friday, gold gained 0.6% to close at $2,653.55/oz, as a weaker dollar and ongoing geopolitical tensions boosted demand for the safe haven yellow metal.
  • On Friday, copper rose 0.5% to close at $8,891.85/mt. Aluminium closed 0.1% lower at $2,594.00/mt.

CURRENCIES

  • On Friday, the South African rand strengthened against the US dollar. In South Africa, trade surplus widened in October.
  • The yield on benchmark bonds fell on Friday. The yield on the SA 10-year generic bond fell to 10.13%, while that for SA 20-year generic bond declined to 10.92%.
  • At 05:30 SAST, the US dollar is trading 0.5% higher against the South African rand at R18.1567, while the euro is trading marginally lower at R19.1044. At 05:30 SAST, the British pound has gained 0.1% against the South African rand to trade at R23.0370.
  • On Friday, the euro mostly declined against most of the major currencies. In Germany, retail sales dropped more than expected in October, primarily due to a decline in non-food retail trade. Meanwhile, the unemployment rate remained unchanged in November. In the eurozone, the consumer price inflation declined in November.
  • At 05:30 SAST, the euro slipped 0.5% against the US dollar to trade at $1.0525, while it has weakened 0.2% against the British pound to trade at GBP0.8293.

ECONOMIC UPDATES

  • In South Africa, trade surplus widened to R14.63bn in October, compared to a revised surplus of R12.61bn recorded in the previous month.
  • In Switzerland, gross domestic product (GDP) rose 0.4% on a QoQ basis in 3Q24, in line with market expectations. GDP had recorded a revised rise of 0.6% in the previous quarter.
  • In Spain, retail sales rose 3.5% on a YoY basis in October, compared to a rise of 4.1% recorded in the prior month.
  • In Italy, the consumer price index (CPI) unexpectedly recorded a flat reading on a MoM basis in November, compared to rise of 0.3% recorded in the prior month.
  • In France, GDP rose 0.4% on a QoQ basis in 3Q24, in line with market expectations. GDP had recorded a rise of 0.2% in the previous quarter.
  • In Germany, retail sales dropped 1.5% on a MoM basis in October, more than market expectations for a drop of 0.3%. Retail sales had recorded a revised rise of 1.6% in the prior month.
  • In Germany, the unemployment rate remained unchanged at 6.1% in November, in line with market expectations.
  • In the eurozone, the CPI dropped 0.3% on a MoM basis in November, compared to a rise of 0.3% recorded in the previous month.
  • In Canada, GDP rose 0.1% on a MoM basis in September, less than market expectations for a rise of 0.3%. GDP had recorded a revised flat reading in the prior month.
  • In Japan, the Jibun Bank manufacturing PMI fell to a level of 49.00 in November, in line with market expectations and compared to a level of 49.20 recorded in the previous month.
  • In China, the Caixin manufacturing PMI rose to a level of 51.50 in November, more than market expectations for a rise to a level of 50.50. The Caixin manufacturing PMI had recorded a level of 50.30 in the previous month.
  • In China, the NBS manufacturing PMI climbed to a level of 50.30 in November, in line with market expectations and compared to a level of 50.10 recorded in the previous month.
  • In Australia, the Judo Bank manufacturing PMI rose to a level of 49.40 in November, compared to a level of 47.30 recorded in the prior month.
  • In Australia, seasonally adjusted retail sales advanced 0.6% on a MoM basis in October, compared to a rise of 0.1% recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • Fairvest Limited (JO:FTAJ): The real estate investment trust company, in its FY24 results, reported that group revenue from continuing operations rose to R2.03bn from R1.92bn posted in the previous year. Its diluted EPS for share A increased 70.8% from the prior year to 152.23c.

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