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Market Review, Commodities, Currencies, Economic & Corporate Update - 04.04.24

Published 2024/04/04, 08:56
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, weighed down by losses in property sector stocks.
  • Property developers, Delta Property Fund (JO:DLTJ), Attacq (JO:ATTJ), Hammerson (JO:HMNJ) and Accelerate Property Fund (JO:APFJ) edged down 14.3%, 3.8%, 2.5% and 2.1%, respectively.
  • Insurance companies, Sanlam (JO:SLMJ), Discovery and Old Mutual (JO:OMUJ) dropped 5.6%, 2.3% and 1.7%, respectively.
  • Diversified miners, Kumba Iron Ore (JO:KIOJ), Pan African Resources (JO:PANJ) and Exxaro Resources (JO:EXXJ) shed 3.9%, 1.1% and 0.8%, respectively.
  • Food companies, both, Astral Foods (JO:ARLJ) and RCL Foods (JO:RCLJ) declined 3.1%, each.
  • On the flipside, retailers, SPAR Group (JO:SPPJ), Cie Financiere Richemont S.A. (JO:CFRJ), Cashbuild (JO:CSBJ) and Lewis Group (JO:LEWJ) advanced 2.0%, 1.7%, 1.1% and 0.7%, respectively.
  • Gold miners, Harmony Gold Mining (JO:HARJ) and AngloGold Ashanti (JO:ANGJ) rose 1.4% and 1.3%, respectively.
  • The JSE All Share index declined 0.4% to close at 74,097.94.

UK MARKET REVIEW

  • The UK market finished firmer yesterday, boosted by gains in mining and banking sector stocks.
  • Miners, Fresnillo (LON:FRES), Glencore (LON:GLEN) (JO:GLNJ) and Antofagasta (LON:ANTO) advanced 3.7%, 2.2% and 1.7%, respectively.
  • Banking firms, Barclays (LON:BARC), Standard Chartered (LON:STAN), NatWest Group (LON:NWG) and HSBC Holdings (LON:HSBA) gained 2.4%, 2.2%, 2.1% and 1.6%, respectively.
  • Energy companies, Shell (LON:RDSa) and BP (LON:BP) added 1.1% and 0.6%, respectively, tracking higher oil prices.
  • On the other hand, insurance companies, Admiral Group (LON:ADML) and Prudential (LON:PRU) dropped 3.0% and 2.7%, respectively.
  • Retailers, B&M European Value Retail S.A. (LON:BMEB) and JD Sports Fashion (LON:JD) shed 1.9% and 0.8%, respectively.
  • Consumer goods companies, Unilever (LON:ULVR) and Reckitt Benckiser Group (LON:PSN) fell 1.4% and 1.3%, respectively.
  • The FTSE 100 index marginally advanced to close at 7,937.44.

US MARKET REVIEW

  • US markets ended mostly higher yesterday, as domestic services industry growth slowed further in March.
  • Media and entertainment companies, Paramount Global (NASDAQ:PARA), Warner Bros Discovery (NASDAQ:WBD) and Netflix (NASDAQ:NFLX) surged 15.0%, 3.0% and 2.6%, respectively.
  • Semiconductor chips companies, Micron Technology (NASDAQ:MU) and Advanced Micro Devices (NASDAQ:AMD) advanced 4.3% and 1.2%, respectively.
  • On the contrary, beauty retail company, Ulta Beauty (NASDAQ:ULTA) plunged 14.5%, after the company reported a slowdown in demand across categories in 1Q24.
  • Technology company, Intel (NASDAQ:INTC) dropped 8.2%, after the company revealed an operating losses of $7.00bn in its foundry business in 2023.
  • The S&P 500 index rose 0.1% to settle at 5,211.49, while the DJIA index declined 0.1% to close at 39,127.14.
  • The NASDAQ index climbed 0.2% to end the trading session at 16,277.46.

ASIA MARKET REVIEW

  • Asian markets are trading higher this morning.
  • In Japan, mining company, Sumitomo Metal Mining (TYO:5406) has advanced 5.9%.
  • On the flipside, pharmaceutical company, Sumitomo Pharma (TYO:4506) has eased 0.7%.
  • In Hong Kong, markets are closed today on account of a public holiday.
  • In South Korea, automobile company, KR Motors (KS:000040) has surged 10.5%.
  • On the contrary, pharmaceutical company, Aprogen Pharmaceuticals (KS:003060) has shed 4.5%.
  • Yesterday, the Hang Seng index declined 1.2% to close at 16,725.10.
  • Today, the Nikkei 225 index is trading 1.6% higher at 40,101.82. while the Kospi index is trading 0.9% higher at 2,731.07.

COMMODITIES

  • At 05:30 SAST today, Brent prices rose 0.4% to trade at $89.68/bl.
  • Yesterday, Brent prices rose 0.5% to settle at $89.35/bl, amid supply constraints. Meanwhile, the US Energy Information Administration (EIA) reported that the US crude inventories advanced by 3.21mn bls in the week ended 29 March 2024.
  • At 05:30 SAST today, gold prices marginally advanced to trade at $2,299.56/oz. Yesterday, gold gained 0.8% to close at $2,299.17/oz.
  • Yesterday, copper rose 0.5% to close at $8,930.85/mt. Aluminium closed 3.9% higher at $2,428.80/mt.

CURRENCIES

  • Yesterday, the South African rand strengthened against the US dollar. In the US, the ADP private sector employment rose more than expected in March. Meanwhile, the number of MBA mortgage applications declined in the week ended 29 March 2024.
  • The yield on benchmark government bonds fell yesterday. The yield on the 2030 bond declined to 10.80%, while that for the longer-dated 2040 issue fell to 13.15%.
  • At 05:30 SAST, the US dollar is trading 0.1% higher against the South African rand at R18.6826, while the euro is trading 0.1% higher at R20.2543. At 05:30 SAST, the British pound has marginally gained against the South African rand to trade at R23.6289.
  • Yesterday, the euro mostly advanced against most of the major currencies. In the eurozone, the consumer price inflation climbed in March. Meanwhile, the unemployment rate remained unchanged in February.
  • At 05:30 SAST, the euro advanced 0.1% against the US dollar to trade at $1.0843, while it has gained 0.1% against the British pound to trade at GBP0.8570.

ECONOMIC UPDATES

  • In Italy, the unemployment rate unexpectedly rose to 7.5% in February, compared to a revised 7.3% recorded in the prior month.
  • In the eurozone, the consumer price index (CPI) rose 0.8% on a MoM basis in March, compared to a rise of 0.6% recorded in the prior month.
  • In the eurozone, the unemployment rate unexpectedly remained unchanged at 6.5% in February.
  • In the US, the MBA mortgage applications dropped 0.6% in the week ended 29 March 2024, compared to a drop of 0.7% recorded in the previous week.
  • In the US, the ISM services PMI unexpectedly fell to a level of 51.40 in March, compared to a level of 52.60 recorded in the previous month.
  • In the US, the S&P Global services PMI eased to a level of 51.70 in March, compared to a level of 52.30 recorded in the previous month.
  • In the US, the ADP employment rose by 184.00K in March, more than market expectations for a rise of 148.00K. The ADP employment had recorded a revised rise of 155.00K in the previous month.
  • In Australia, building permits unexpectedly dropped 1.9% on a MoM basis in February, compared to a revised drop of 2.5% recorded in the prior month.
  • In Australia, the Judo Bank services PMI rose to a level of 54.40 in March, compared to a level of 53.10 recorded in the previous month.
  • In New Zealand, building permits rose 14.9% on a MoM basis in February, compared to a revised drop of 8.6% recorded in the prior month.

CORPORATE UPDATES

SOUTH AFRICA

  • Woolworths (JO:WHLJ) completes acquisition of Absolute Pets: High-end food and clothes retailer Woolworths​​has completed the acquisition of Absolute Pets after all the conditions to the deal were fulfilled.
  • Southern Palladium (JO:SDLJ) advances prefeasibility study for Bengwenyama project: Junior Australian miner Southern Palladium says the prefeasibility study at its Bengwenyama project is advancing with more than 30,000m of drilling completed.
  • Schroder refinances Rennes logistics investment loan: Schroder European Real Estate Investment Trust (JO:SCDJ), which invests in European growth cities and regions, has completed the refinancing of a EUR8.60mn loan with the existing lender Saar LB, secured against its Rennes logistics investment in Brittany, France.

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