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Market Review, Commodities, Currencies, Economic & Corporate Update - 04.03.24

Published 2024/03/04, 09:45
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the green on Friday, buoyed by gains in banks and mining sector stocks.
  • Lenders, Standard Bank Group (JO:SBKJ), Capitec Bank Holdings (JO:CPIJ) and FirstRand (JO:FSRJ) advanced 2.9%, 1.6% and 1.2%, respectively.
  • Diversified miners, Exxaro Resources (JO:EXXJ), Pan African Resources (JO:PANJ) and African Rainbow Minerals (JO:ARIJ) gained 1.8%, 1.3% and 0.9%, respectively.
  • On the flipside, platinum miners, Northam Platinum Holdings (JO:NPHJ) and Anglo American Platinum (JO:AMSJ) dropped 4.7% and 0.8%, respectively.
  • Food companies, RCL Foods (JO:RCLJ) and Astral Foods (JO:ARLJ) declined 2.0% and 1.4%, respectively.
  • Property developers, Emira Property Fund (JO:EMIJ), NEPI Rockcastle N.V. (JO:NRPJ), Attacq (JO:ATTJ) and Equites Property Fund (JO:EQUJ) shed 1.7%, 1.6%, 1.3% and 1.1%, respectively.
  • The JSE All Share index advanced 0.1% to close at 72,775.49.

UK MARKET REVIEW

  • The UK market finished firmer on Friday, boosted by gains in media sector stocks and as investors hailed signs of slowing inflation in the US.
  • Media company, ITV (LON:ITV) surged 14.3%, after the company sold its entire 50% stake in BritBox International to its joint venture partner BBC Studios for GBP255.00mn ($322.09mn).
  • Education and publishing company, Pearson (LON:PSON) advanced 5.6%, after the company reported upbeat annual results and announced an extension of its share buyback program by GBP200.00mn.
  • Banking firms, Standard Chartered (LON:STAN), Barclays (LON:BARC) and Lloyds Banking Group (LON:LLOY) gained 3.5%, 3.1% and 1.7%, respectively.
  • Miners, Glencore (JO:GLNJ), Fresnillo (LON:FRES) and Rio Tinto (LON:RIO) rose 2.0%, 1.8% and 1.0%, respectively.
  • The FTSE 100 index advanced 0.7% to close at 7,682.50.

US MARKET REVIEW

  • US markets ended higher on Friday, as rising enthusiasm for artificial intelligence (AI) boosted technology sector stocks.
  • Semiconductor chips companies, Advanced Micro Devices (NASDAQ:AMD), Micron Technology (NASDAQ:MU) and Nvidia Corporation (NASDAQ:NVDA) advanced 5.3%, 5.0% and 4.0%, respectively.
  • Technology companies, Salesforce (NYSE:CRM), Intel (NASDAQ:INTC) and International Business Machines (NYSE:IBM) gained 2.6%, 1.8% and 1.7%, respectively.
  • On the contrary, food companies, Hormel Foods Corporation (NYSE:HRL), Conagra Brands (NYSE:CAG) and Mondelez International (NASDAQ:MDLZ) dropped 5.5%, 1.1% and 1.0%, respectively.
  • Aircraft company, Boeing (NYSE:BA) dropped 1.8%, amid news that it is in talks to acquire Spirit AeroSystems.
  • The S&P 500 index rose 0.8% to settle at 5,137.08, while the DJIA index advanced 0.2% to close at 39,087.38.
  • The NASDAQ index climbed 1.1% to end the trading session at 16,274.94.

ASIA MARKET REVIEW

  • Asian markets are trading higher this morning. In Japan, electronics company, Renesas Electronics (TYO:6723) had advanced 5.4%.
  • On the flipside, transportation company, Kawasaki Kisen Kaisha (TYO:9107) has dropped 5.9%.
  • In Hong Kong, real estate company, Longfor Group Holdings (HK:0960) has declined 2.7%.
  • On the other hand, consumer electronics company, Lenovo Group (HK:0992) has surged 7.6%.
  • In South Korea, electronic components company, Uniquest Corporation (KS:077500) has soared 12.1%.
  • On the contrary, automobile company, KR Motors (KS:000040) has shed 6.4%.
  • The Nikkei 225 index is trading 0.8% higher at 40,226.83.
  • The Hang Seng index is trading 0.2% higher at 16,618.42, while the Kospi index is trading 1.2% higher at 2,674.94.

COMMODITIES

  • At 05:30 SAST today, Brent prices rose 0.1% to trade at $83.67/bl, after the OPEC+ extended its voluntary oil output cuts of 2.20mn bls per day into the second quarter.
  • On Friday, Brent prices fell 0.1% to settle at $83.55/bl, ahead of the OPEC+ decision on supply agreements for voluntary production cuts for 2Q24. Additionally, the Baker Hughes reported that the US oil rigs count rose by 3 to 506 in the week ended 1 March 2024.
  • At 05:30 SAST today, gold prices declined 0.1% to trade at $2,081.05/oz. On Friday, gold gained 2.0% to close at $2,083.39/oz, as a weaker dollar and a drop in the US Treasury yields boosted demand for the safe haven yellow metal.
  • On Friday, copper declined 0.1% to close at $8,393.65/mt. Aluminium closed 0.8% higher at $2,245.20/mt.

CURRENCIES

  • On Friday, the South African rand strengthened against the US dollar. In the US, the S&P Global manufacturing PMI advanced more than expected in February. Meanwhile, the ISM manufacturing PMI unexpectedly dropped in February. Also, the Michigan consumer sentiment index unexpectedly deteriorated in February.
  • The yield on benchmark government bonds fell on Friday. The yield on the 2030 bond declined to 10.10%, while that for the longer-dated 2040 issue fell to 12.36%.
  • At 05:30 SAST, the US dollar is trading 0.1% lower against the South African rand at R19.1028, while the euro is trading slightly lower at R20.7173. At 05:30 SAST, the British pound has gained 0.1% against the South African rand to trade at R24.1960.
  • On Friday, the euro mostly advanced against most of the major currencies. In Germany, the HCOB manufacturing PMI declined less than expected in February. In the eurozone, the HCOB manufacturing PMI declined in February. Moreover, the unemployment rate eased in January. Also, the consumer price index (CPI) rose in February. In the UK, the S&P Global manufacturing PMI dropped in February, on weaker demand amid the Red Sea crisis.
  • At 05:30 SAST, the euro marginally advanced against the US dollar to trade at $1.0844, while it has marginally weakened against the British pound to trade at GBP0.8564.

ECONOMIC UPDATES

  • In the UK, seasonally adjusted Nationwide housing prices rose 0.7% on a MoM basis in February, more than market expectations for a rise of 0.3%. The Nationwide housing prices had advanced 0.7% in the prior month.
  • In the UK, the S&P Global manufacturing PMI advanced to a level of 47.50 in February, compared to a level of 47.00 recorded in the previous month. Markets were expecting the manufacturing PMI to climb to 47.10.
  • In Switzerland, the SVME Purchasing Manager’s Index (PMI) rose to a level of 44.00 in February, less than market expectations and compared to a level of 43.10 recorded in the previous month.
  • In Germany, the HCOB manufacturing PMI fell to a level of 42.50 in February, less than market expectations for a drop to a level of 42.30. The manufacturing PMI had recorded a level of 45.50 in the previous month.
  • In the eurozone, the HCOB manufacturing PMI declined to a level of 46.50 in February, less than market expectations and compared to a level of 46.60 recorded in the previous month.
  • In the eurozone, the CPI rose 0.6% on a MoM basis in February, compared to a drop of 0.4% recorded in the prior month.
  • In the eurozone, the unemployment rate fell to 6.4% in January, in line with market expectations. The unemployment rate stood at 6.5% in the prior month.
  • In the US, the S&P Global manufacturing PMI rose to a level of 52.20 in February, more than market expectations for a rise to a level of 51.50. The S&P Global manufacturing PMI had recorded a level of 50.70 in the prior month.
  • In the US, the ISM manufacturing PMI unexpectedly declined to a level of 47.80 in February, compared to a level of 49.10 in the previous month.
  • In the US, the Michigan consumer sentiment index unexpectedly fell to a level of 76.90 in February, compared to a level of 79.00 recorded in the prior month.
  • In Canada, the S&P Global manufacturing PMI climbed to a level of 49.70 in February, compared to a level of 48.30 recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • MTN Group Limited (JO:MTNJ): The telecommunications company, in its FY23 trading update, revealed that it anticipates reporting a resilient underlying operational performance for FY23 in a challenging operating environment. The company expects EPS to be 70.0% to 90.0%, lower as compared with 1,071.00c recorded in the prior year. Also, it expects HEPS to be 60.0% to 80.0%, lower as compared with 1,154.00c recorded in the previous year.
  • Northam Platinum Holdings Limited (JO:NPHJ): The platinum company, in its 1H24 results, reported that sales revenue declined 25.5% from the same period of the preceding year to R14.99bn. Its diluted EPS stood at 136.50c, compared with 1,596.20c recorded in the corresponding period of the previous year.
  • Oil set for weekly gain as markets await OPEC+ decision: Oil prices rose and were set for weekly gains as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh US, European and Chinese economic data.

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