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Market Review, Commodities, Currencies, Economic & Corporate Update - 10.04.24

Published 2024/04/10, 09:43
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the green yesterday, amid strength in mining sector stocks.
  • Food companies, RCL Foods (JO:RCLJ) and Famous Brands (JO:FBRJ) advanced 3.9% and 2.8%, respectively.
  • Platinum miners, Northam Platinum (JO:NPHJ) and Impala Platinum (JO:IMPJ) gained 3.8% and 2.7%, respectively.
  • Diversified miners, Exxaro Resources (JO:EXXJ), Pan African Resources (JO:PANJ), Kumba Iron Ore (JO:KIOJ) and Anglo American (JO:AGLJ) rose 3.6%, 2.9%, 2.3% and 1.4%, respectively.
  • Lenders, Nedbank Group (JO:NEDJ) and Standard Bank Group (JO:SBKJ) increased 2.7% and 1.6%, respectively.
  • Gold miners, Sibanye Stillwater (JO:SSWJ), Gold Fields (JO:GFIJ) and Harmony Gold Mining (JO:HARJ) added 2.2%, 2.0% and 0.7%, respectively.
  • On the flipside, telecommunications companies, MTN Group (JO:MTNJ) and Blue Label Telecoms (JO:BLUJ) dropped 2.4% and 1.1%, respectively.
  • The JSE All Share index advanced 0.2% to close at 75,486.94.

UK MARKET REVIEW

  • The UK market finished weaker yesterday, weighed down by losses in defence sector stocks.
  • Defence and aerospace companies, BAE Systems (LON:BAES), Rolls-Royce Holdings (LON:RR) and Melrose Industries (LON:MRON) dropped 4.5%, 3.9% and 3.2%, respectively.
  • Banking firms, Standard Chartered (LON:STAN), Barclays (LON:BARC), Lloyds Banking Group (LON:LLOY) and NatWest Group (LON:NWG) declined 3.8%, 2.2%, 1.6% and 0.8%, respectively.
  • Retailers, B&M European Value Retail S.A. (LON:BMEB), Next (LON:NXT) and Marks & Spencer Group (LON:MKS) shed 2.2%, 1.0% and 0.7%, respectively.
  • On the other hand, energy company, BP (LON:BP) advanced 1.3%, after the company projected upstream energy production in 1Q24 to be higher than the previous three months.
  • The FTSE 100 index declined 0.1% to close at 7,934.79.

US MARKET REVIEW

  • US markets ended mostly higher yesterday, ahead of major US inflation data.
  • Pharmaceutical company, Moderna (NASDAQ:MRNA) jumped 6.2%, after the company’s individualized cancer vaccine developed with Merck showed positive response in an early-stage trial.
  • Technology companies, Cisco Systems (NASDAQ:CSCO), Intel (NASDAQ:INTC) and Apple (NASDAQ:AAPL) advanced 3.7%, 0.9% and 0.7%, respectively.
  • On the contrary, cruise line companies, Royal Caribbean Corporation (NYSE:RCL) and Carnival Corporation (NYSE:CCL) dropped 3.7% and 1.0%, respectively.
  • Financial services companies, American Express (NYSE:AXP), Mastercard (NYSE:MA) and JPMorgan Chase (NYSE:JPM) declined 1.9%, 1.4% and 0.7%, respectively.
  • The S&P 500 index rose 0.1% to settle at 5,209.91, while the DJIA index marginally declined to close at 38,883.67.
  • The NASDAQ index climbed 0.3% to end the trading session at 16,306.64.

ASIA MARKET REVIEW

  • Asian markets are trading mixed this morning.
  • In Japan, pharmaceutical company, Chugai Pharmaceutical (TYO:4519) has declined 2.2%.
  • On the flipside, steel company, Japan Steel Works (TYO:5631) has advanced 4.2%.
  • In Hong Kong, e-commerce company, Alibaba Group (NYSE:BABA) Holding has gained 4.0%.
  • On the other hand, gaming and entertainment company, Galaxy Entertainment Group (HK:0027) has eased 0.7%.
  • In South Korea, markets are closed today on account of a public holiday.
  • Yesterday, the Kospi index declined 0.5% to close at 2,705.16.
  • Today, the Nikkei 225 index is trading 0.3% lower at 39,666.24, while the Hang Seng index has gained 1.9% to trade at 17,147.01.

COMMODITIES

  • At 05:30 SAST today, Brent prices rose 0.1% to trade at $89.48/bl.
  • Yesterday, Brent prices fell 1.1% to settle at $89.42/bl, amid ongoing ceasefire talks in Gaza. Moreover, the American Petroleum Institute (API) reported that the US crude oil inventories rose by 3.03mn bls in the week ended 5 April 2024. Further, the Energy Information Administration (EIA) projected that the US crude production would rise by around 280,000 bpd this year to 13.21 million bpd and by 510,000 bpd to 13.72 million bpd in 2025.
  • At 05:30 SAST today, gold prices declined 0% to trade at $2,352.22/oz. Yesterday, gold gained 0.6% to close at $2,352.58/oz, amid buying momentum and ongoing geopolitical risks.
  • Yesterday, copper rose 0.1% to close at $9,295.25/mt. Aluminium closed marginally lower at $2,460.00/mt.

CURRENCIES

  • Yesterday, the South African rand strengthened to its highest level in three month against the US dollar. In the US, the NFIB business optimism index unexpectedly declined in March.
  • The yield on benchmark government bonds fell yesterday. The yield on the 2030 bond declined to 10.75%, while that for the longer-dated 2040 issue fell to 13.09%.
  • At 05:30 SAST, the US dollar is trading 0.1% lower against the South African rand at R18.4422, while the euro is trading 0.1% lower at R20.0234. At 05:30 SAST, the British pound has slightly declined against the South African rand to trade at R23.3884.
  • Yesterday, the euro declined against most of the major currencies.
  • At 05:30 SAST, the euro slightly slipped against the US dollar to trade at $1.0853, while it has marginally weakened against the British pound to trade at GBP0.8563.

ECONOMIC UPDATES

  • In France, trade deficit narrowed to EUR5.24bn in February, compared to a revised deficit of EUR7.21bn recorded in the previous month.
  • In the US, the NFIB business optimism index unexpectedly fell to a level of 88.50 in March, compared to a level of 89.40 recorded in the previous month.
  • In Japan, the consumer confidence index rose to a level of 39.50 in March, less than market expectations for a rise to a level of 39.70. The consumer confidence index had recorded a revised level of 39.00 in the previous month.
  • In Japan, the producer price index (PPI) rose 0.8% on a YoY basis in March, in line with market expectations. The PPI had recorded a revised rise of 0.7% in the prior month.

CORPORATE UPDATES

SOUTH AFRICA

  • MTN (JO:MTNJ) is South Africa’s most valuable brand, says Brand Finance: Telecoms businesses rank first and second on Brand Finance’s most valuable brands rankings, with MTN maintaining its position as the most valuable South African brand, despite experiencing an 8.0% decrease in brand value to R68.20bn.

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