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Market Review, Commodities, Currencies, Economic & Corporate Update - 14.06.24

Published 2024/06/14, 09:00
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000157
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, as investors assessed hawkish stance by the US Federal Reserve (Fed).
  • Gold mining company, Gold Fields (JO:GFIJ) plunged 11.3%, after the company reduced its annual gold production forecast after adverse weather conditions impacted the ramp-up at its new Salares Norte mine in Chile.
  • Telecommunications companies, Telkom SA SOC (JO:TKGJ), MTN Group (JO:MTNJ) and Blue Label Telecoms (JO:BLUJ) dropped 5.6%, 3.7% and 2.6%, respectively.
  • On the flipside, lenders, Nedbank Group (JO:NEDJ), FirstRand (JO:FSRJ) and Standard Bank Group (JO:SBKJ) advanced 3.3%, 2.4% and 2.2%, respectively.
  • Insurance companies, Sanlam (JO:SLMJ), Discovery Holdings (JO:DSYJ) and Old Mutual (JO:OMUJ) gained 2.9%, 1.5% and 1.4%, respectively.
  • The JSE All Share index declined 0.9% to close at 76,382.02.

UK MARKET REVIEW

  • The UK market finished weaker yesterday, as fewer rate cuts projections by the US Fed dampened investors sentiment.
  • Homebuilding companies, Persimmon (LON:PSN) and Taylor Wimpey (LON:TW) dropped 3.8% and 1.8%, respectively.
  • Real estate companies, Berkeley Group Holdings (LON:BKGH), Barratt Developments (LON:BDEV) and Land Securities Group (LON:LAND) shed 2.7%, 1.9% and 1.3%, respectively.
  • Banking firms, Lloyd’s banking Group (LON:LLOY), Standard Chartered (LON:STAN) and HSBC Holdings (LON:HSBA) declined 1.7%, 1.4% and 1.3%, respectively.
  • On the other hand, health equipment company, Halma (LON:HLMA) surged 13.4%, after the company reported better than expected revenues and core profit in FY24.
  • Water utilities companies, Severn Trent (LON:SVT) and United Utilities Group (LON:UU) advanced 4.2% and 3.0%, respectively.
  • The FTSE 100 index declined 0.6% to close at 8,163.67.

US MARKET REVIEW

  • US markets ended mostly higher yesterday, boosted by gains in technology sector stocks.
  • Semiconductor companies, Super Micro Computer, Broadcom (NASDAQ:AVGO) and Nvidia Corporation (NASDAQ:NVDA) jumped 12.4%, 12.3% and 3.5%, respectively.
  • Restaurants companies, Chipotle Mexican Grill (NYSE:CMG) and Wendy’s (NASDAQ:WEN) advanced 3.0% and 1.2%, respectively.
  • Electric vehicles company, Tesla (NASDAQ:TSLA) gained 2.9%, amid news that its shareholders are set to approve Elon Musk's $56.00bn pay package.
  • On the contrary, media and entertainment companies, Paramount Global (NASDAQ:PARA), Warner Bros Discovery (NASDAQ:WBD) and Walt Disney (NYSE:DIS) dropped 6.9%, 6.7% and 0.7%, respectively.
  • The S&P 500 index rose 0.2% to settle at 5,433.74, while the DJIA index declined 0.2% to close at 38,647.10.
  • The NASDAQ index climbed 0.3% to end the trading session at 17,667.56.

ASIA MARKET REVIEW

  • Asian markets are trading mostly lower this morning.
  • In Japan, consumer electronics company, Sony Group (NYSE:SONY) has declined 1.5%.
  • On the flipside, banking company, SoftBank Group (TYO:9984) has advanced 3.6%.
  • In Hong Kong, e-commerce company, Alibaba Group (NYSE:BABA) Holding has shed 2.7%.
  • On the other hand, real estate company, Longfor Group Holdings (HK:0960) has gained 2.0%.
  • In South Korea, processed seafood company, Oyang Corporation has surged 11.4%.
  • On the contrary, Doosan Corporation (KS:000157) has plunged 7.7%.
  • The Nikkei 225 index trading marginally lower at 38,709.02.
  • The Hang Seng index has declined 0.3% to trade at 18,066.74, while the Kospi index is trading 0.4% higher at 2,764.52.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.5% to trade at $82.37/bl.
  • Yesterday, Brent prices rose 0.2% to settle at $82.75/bl, following the OPEC+ forecast predicting demand to reach 116.00mn bpd by 2045.
  • At 05:30 SAST today, gold prices advanced 0.2% to trade at $2,305.89/oz. Yesterday, gold declined 0.8% to close at $2,302.40/oz, after the US Fed’s hinted for just one interest rate cut this year.
  • Yesterday, copper rose 0.4% to close at $9,732.65/mt. Aluminium closed 0.5% higher at $2,563.73/mt.

CURRENCIES

  • Yesterday, the South African rand weakened against the US dollar. In the US, the number of people filing for initial jobless claims unexpectedly rose to nearly a 10-month high in the week ended 7 June 2024. Meanwhile, the producer price index (PPI) unexpectedly fell in May.
  • The yield on benchmark government bonds fell yesterday. The yield on the 2030 bond declined to 10.13%, while that for the longer-dated 2040 issue fell to 12.38%.
  • At 05:30 SAST, the US dollar is trading slightly lower against the South African rand at R18.4172, while the euro is trading marginally lower at R19.7830. At 05:30 SAST, the British pound has declined 0.1% against the South African rand to trade at R23.4983.
  • Yesterday, the euro declined against most of the major currencies. In the eurozone, seasonally adjusted industrial production declined in April, on falling intermediate goods output.
  • At 05:30 SAST, the euro marginally advanced against the US dollar to trade at $1.0742, while it has gained 0.1% against the British pound to trade at GBP0.8420.

ECONOMIC UPDATES

  • In Spain, the consumer price index (CPI) rose 0.3% on a MoM basis in May, in line with market expectations. The CPI had recorded a rise of 0.7% in the prior month.
  • In the eurozone, seasonally adjusted industrial production unexpectedly fell 0.1% on a MoM basis in April, compared to a revised rise of 0.5% recorded in the previous month.
  • In the US, initial jobless claims unexpectedly rose to a level of 242.00K in the week ended 7 June 2024, compared to a rise of 229.00K recorded in the prior week.
  • In the US, the producer price index (PPI) unexpectedly eased 0.2% on a MoM basis in May, compared to a rise of 0.5% recorded in the prior month.
  • The Bank of Japan maintained its key interest rate at 0.0%, in line with market expectations.

CORPORATE UPDATES

SOUTH AFRICA

  • Mr Price Group Limited (JO:MRPJ): The retail company, in its FY24 results, reported revenue jump to R37.94bn from R32.85bn posted in the previous year. Its diluted EPS increased 5.0% from the prior year to 1,242.90c.

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