🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Market Review, Commodities, Currencies, Economic & Corporate Update - 05.03.24

Published 2024/03/05, 09:31
EUR/USD
-
USD/ZAR
-
UK100
-
XAU/USD
-
US500
-
DJI
-
JP225
-
HK50
-
CVX
-
NXT
-
MKS
-
PRU
-
AAPL
-
IMB
-
BRBY
-
PSON
-
WTB
-
ADML
-
MNDI
-
SMDS
-
XOM
-
GC
-
HG
-
LCO
-
CL
-
M
-
OCDO
-
ICAG
-
2899
-
IXIC
-
KS11
-
FANG
-
FSRJ
-
NEDJ
-
SBKJ
-
AMSJ
-
SNHJ
-
APNJ
-
IMPJ
-
BVTJ
-
090370
-
1803
-
7911
-
MAL
-
NTCJ
-
AVIJ
-
RBXJ
-
RDFJ
-
ATTJ
-
RCLJ
-
MRFJ
-
ACTJ
-
EQUJ
-
SPOT
-
3692
-
NPHJ
-

SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, as market participants await the US Federal Reserve chair Jerome Powell’s monetary policy statement.
  • Trading company, Bidvest Group (JO:BVTJ) climbed 7.9%, after the company reported a 5.0% rise in its 1H24 headline earnings, with five of its seven divisions reporting double-digit trading profit growth.
  • Platinum miners, Impala Platinum Holdings (JO:IMPJ), Northam Platinum Holdings (JO:NPHJ) and Anglo American Platinum (JO:AMSJ) dropped 7.8%, 7.0% and 3.5%, respectively.
  • Property developers, Equites Property Fund (JO:EQUJ), Attacq (JO:ATTJ) and Redefine Properties (JO:RDFJ) declined 2.0%, 1.8% and 1.0%, respectively.
  • Lenders, FirstRand (JO:FSRJ), Nedbank Group (JO:NEDJ) and Standard Bank Group (JO:SBKJ) shed 1.8%, 1.7% and 1.2%, respectively.
  • The JSE All Share index declined 0.2% to close at 72,633.13.

UK MARKET REVIEW

  • The UK market finished weaker yesterday, ahead of the national budget due later this week.
  • Retailers, Ocado Group (LON:OCDO), Next (LON:NXT), Burberry Group (LON:BRBY) and Marks & Spencer Group (LON:MKS) dropped 6.5%, 2.7%, 2.4% and 1.8%, respectively.
  • Travel and leisure companies, Whitbread (LON:WTB) and International Consolidated Airlines Group SA (LON:ICAG) shed 2.7% and 1.3%, respectively.
  • Paper and packaging company, Mondi (LON:MNDI) declined 2.0%, amid reports that the company is revising its takeover proposal for DS Smith (LON:SMDS).
  • Tobacco companies, British American Tobacco (JO:SNHJ) and Imperial Brands (LON:IMB) fell 1.7% and 0.9%, respectively.
  • Insurance companies, Prudential (LON:PRU) and Admiral Group (LON:ADML) eased 1.3% and 1.1%, respectively.
  • On the other hand, publishing company, Pearson (LON:PSON) advanced 2.1%.
  • The FTSE 100 index declined 0.5% to close at 7,640.33.

US MARKET REVIEW

  • US markets ended mostly lower yesterday, as investors await domestic economic data and Fed Chair Jerome Powell's congressional testimony.
  • Energy companies, Chevron Corporation (NYSE:CVX), Diamondback Energy Corporation (NASDAQ:FANG) and Exxon Mobil Corporation (NYSE:XOM) dropped 2.6%, 1.8% and 1.4%, respectively.
  • Technology company, Apple (NASDAQ:AAPL) declined 2.5%, after the company was charged with a $2.00bn EU antitrust fine for preventing Spotify (NYSE:SPOT) and other music streaming services from informing users of payment options outside its App Store.
  • On the contrary, departmental store company, Macy’s (NYSE:M) jumped 13.6%, after Arkhouse Management and Brigade Capital Management raised their buyout offer to $6.60bn.
  • The S&P 500 index fell 0.1% to settle at 5,130.95, while the DJIA index declined 0.2% to close at 38,989.83.
  • The NASDAQ index eased 0.4% to end the trading session at 16,207.51.

ASIA MARKET REVIEW

  • Asian markets are trading lower this morning, after China set its growth targets at around 5% for 2024.
  • In Japan, commercial printing company, Toppan Holdings (TYO:7911) has declined 2.5%.
  • On the flipside, construction and real estate development company, Shimizu Corporation (TYO:1803) has advanced 4.9%.
  • In Hong Kong, pharmaceutical company, Hansoh Pharmaceutical (HK:3692) has plunged 7.7%.
  • On the other hand, mining company, Zijin Mining Group (HK:2899) has gained 1.8%.
  • In South Korea, fashion and lifestyle products company, MetaLab (KS:090370) has shed 4.5%.
  • On the contrary, semiconductor testing equipment company, DI Corporation has surged 11.5%.
  • The Nikkei 225 index is trading 0.4% lower at 39,940.61.
  • The Hang Seng index is trading 2.2% lower at 16,226.54, while the Kospi index is trading 0.5% lower at 2,661.98.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.2% to trade at $82.67/bl.
  • Yesterday, Brent prices fell 0.9% to settle at $82.8/bl, on demand concerns.
  • At 05:30 SAST today, gold prices declined 0.1% to trade at $2,112.90/oz. Yesterday, gold gained 1.5% to close at $2,114.99/oz, amid expectations for a sooner interest rate cut by the US Fed.
  • Yesterday, copper rose 0.7% to close at $8,455.76/mt. Aluminium closed marginally lower at $2,245.20/mt.

CURRENCIES

  • Yesterday, the South African rand strengthened against the US dollar.
  • The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 10.13%, while that for the longer-dated 2040 issue rose to 12.42%.
  • At 05:30 SAST, the US dollar is trading 0.1% higher against the South African rand at R19.0706, while the euro is trading 0.1% higher at R20.6834. At 05:30 SAST, the British pound has gained 0.1% against the South African rand to trade at R24.1847.
  • Yesterday, the euro mostly declined against most of the major currencies. In the eurozone, the Sentix Investor Confidence index improved for a fifth straight month in March. In the UK, the BRC Like-for-like retail sales rose less than expected in February.
  • At 05:30 SAST, the euro marginally slipped against the US dollar to trade at $1.0854, while it has slightly gained against the British pound to trade at GBP0.8554.

ECONOMIC UPDATES

  • In the UK, the BRC Like-for-like retail sales rose 1.0% on a YoY basis in February, less than market expectations and compared to an advance of 1.4% recorded in the prior month.
  • In Switzerland, the consumer price index (CPI) rose 0.6% on a MoM basis in February, compared to a rise of 0.2% recorded in the prior month.
  • In the eurozone, the Sentix Investor Confidence index rose to a level of -10.50 in March, compared to a level of -12.90 recorded in the prior month.
  • In Japan, the Jibun Bank services PMI rose to a level of 52.90 in February, compared to a level of 53.10 recorded in the previous month.
  • In Japan, the CPI rose 2.6% on a YoY basis in February, compared to a revised 1.8% recorded in the previous month.
  • In China, the Caixin services PMI unexpectedly rose to a level of 52.50 in February, compared to a level of 52.70 recorded in the previous month.
  • In Australia, the Judo Bank services PMI advanced to a level of 53.10 in February, compared to a level of 49.10 recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • The Bidvest Group Limited (JO:BVTJ): The trading and distribution company, in its 1H24 results, stated that revenue increased to R62.16bn from R57.15bn posted in the corresponding period of the previous year. Its diluted EPS rose to 957.40c, from the same period of the prior year.
  • Aspen Pharmacare Holdings Limited (JO:APNJ): The pharmaceutical company, in its interim results for the six months ended 31 December 2023, announced that revenue rose to R21.14bn from R19.15bn posted in the corresponding period of the previous year. Its basic and diluted EPS decreased 13.5% from the same period of the prior year to 520.80c.
  • AVI Limited (JO:AVIJ): The consumer products company, in its interim results for the six months ended 31 December 2023, reported that revenue advanced 7.1% from the same period of the preceding year to R8.38bn. Its diluted EPS stood at 371.70c, compared with 317.30c recorded in the corresponding period of the previous year.
  • Netcare Limited (JO:NTCJ): The healthcare company, in its voluntary operational update for the five months ended 29 February 2024, revealed that in hospitals and emergency services segment, total paid patient days (PPD) rose 0.3% as compared with the previous year. Moreover, the total average occupancy levels stood at 62.1%, largely in line with the prior period. Furthermore, total revenue per PPD for the segment increased by 6.2% and total group revenue increased by 5.0% in 1Q24.
  • RCL Foods Limited (JO:RCLJ): The food company, in its 1H24 results, indicated that revenue rose to R20.13bn from R18.57bn posted in the corresponding period of the previous year. Its diluted EPS stood at 119.60c, compared with 57.20c recorded in the corresponding period of the previous year.
  • Raubex Group Limited (JO:RBXJ): The construction engineering company, in its FY23 trading update, revealed that it expects EPS to be between 391.10c and 430.20c, as compared with 391.10c recorded in the previous year. Also, it expects HEPS to be between 392.80c and 432.10c, as compared with 392.80c recorded in the previous month.
  • Merafe Resources Limited (JO:MRFJ): The mining company, in its FY23 trading update, revealed that it expects EPS to be between 14.0% to 34.0%, higher as compared with 56.40c recorded in the prior month. Also, it expects, HEPS to be between 4.0% to 24.0%, higher as compared with 56.40c recorded in the prior month.
  • Afrocentric Investment Corporation Limited (JO:ACTJ): The investment company, in its 1H24 results, indicated that total income increased to R4.41bn, compared with R4.34bn posted in the corresponding period of the previous year. Its diluted EPS fell 3.4% from the same period of the prior year to 20.54c.
  • Oil treads water after OPEC+ extends production cuts: Oil prices were little changed after the widely expected extension of voluntary output cuts to the middle of the year by the OPEC+ producer group.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.