😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

Market Review, Commodities, Currencies, Economic & Corporate Update - 15.03.24

Published 2024/03/15, 09:06
EUR/USD
-
USD/ZAR
-
UK100
-
XAU/USD
-
US500
-
DJI
-
JP225
-
HK50
-
INTC
-
MSFT
-
GS
-
JPM
-
HSBA
-
BARC
-
IHG
-
NWG
-
AAPL
-
NVDA
-
IMB
-
RIO
-
WTB
-
PSN
-
STAN
-
BLND
-
LAND
-
AXP
-
AMD
-
GC
-
HG
-
LCO
-
CL
-
GLEN
-
ICAG
-
IXIC
-
KS11
-
SBKJ
-
AMSJ
-
SNHJ
-
GFIJ
-
ANGJ
-
IMPJ
-
EXXJ
-
009420
-
005930
-
8058
-
MAL
-
RESJ
-
VKEJ
-
FFAJ
-
SSWJ
-
ATTJ
-
0288
-
4755
-
GLNJ
-
AILJ
-
2269
-
NPHJ
-

SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, as investors assessed hotter than expected US inflation data.
  • Platinum mining companies, Anglo American Platinum (JO:AMSJ), Impala Platinum Holdings (JO:IMPJ) and Northam Platinum (JO:NPHJ) shed 4.8%, 2.0% and 1.7%, respectively.
  • Gold miners, Sibanye Stillwater (JO:SSWJ), Gold Fields (JO:GFIJ) and AngloGold Ashanti (JO:ANGJ) declined 3.5%, 2.9% and 1.5%, respectively.
  • Financial services company, Standard Bank (JO:SBKJ) shed 6.8%, recording its biggest one day fall since December 2022, even after the group reported higher average interest rates across all regions supported strong expansion in its net interest margin.
  • Real estate companies, Attacq (JO:ATTJ), Vukile Property Fund (JO:VKEJ) and Fortress REIT (JO:FFAJ) dropped 2.5%, 1.5% and 1.2%, respectively.
  • The JSE All Share index eased 1.2% to close at 73,340.69.

UK MARKET REVIEW

  • The UK market finished weaker yesterday, led by losses in mining sector stocks.
  • Anglo American, Rio Tinto (LON:RIO) and Glencore (LON:GLEN) (JO:GLNJ) declined 5.3%, 1.3% and 0.5%, respectively.
  • Travel and leisure companies, International Consolidated Airlines Group S.A. (LON:ICAG), Whitbread (LON:WTB) and InterContinental Hotels Group (LON:IHG) dropped 3.3%, 2.4% and 0.8%, respectively.
  • Property developers, Persimmon (LON:PSN), Land Securities Group (LON:LAND) and British Land & Company (LON:BLND) fell 1.6%, 0.9% and 0.6%, respectively.
  • Banks, Barclays (LON:BARC), Standard Chartered (LON:STAN), HSBC Holdings (LON:HSBA) and NatWest (LON:NWG) shed 1.5%, 1.1%, 0.6% and 0.5%, respectively.
  • Tobacco companies, Imperial Brands (LON:IMB) and British American Tobacco (JO:SNHJ) eased 0.9% and 0.6%, respectively.
  • The FTSE 100 index dropped 0.4% to close at 7,743.15.

US MARKET REVIEW

  • US markets ended lower yesterday, amid stronger than expected producer inflation data and losses in chipmaker stocks.
  • Chipmakers, Advanced Micro Devices (NASDAQ:AMD), Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) edged down 4.0%, 3.2% and 1.1%, respectively.
  • Financial services companies, JPMorgan Chase & Co. (NYSE:JPM), American Express (NYSE:AXP) and Goldman Sachs (NYSE:GS) fell 1.8%, 1.1% and 0.9%, respectively.
  • On the other hand, technology companies, Microsoft Corporation (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) advanced 2.4% and 1.2%, respectively.
  • The S&P 500 index fell 0.3% to settle at 5,150.48, while the DJIA index declined 0.4% to close at 39,905.66.
  • The NASDAQ index eased 0.3% to end the trading session at 16,128.53.

ASIA MARKET REVIEW

  • Asian markets are trading lower this morning, tracking overnight losses on Wall Street.
  • In Japan, financial technology company, Rakuten Group (TYO:4755) has eased 2.9%.
  • On the flipside, trading company, Mitsubishi Corporation (TYO:8058) has advanced 4.3%.
  • In Hong Kong, pharmaceutical company, Wuxi Biologics (HK:2269) has shed 5.6%.
  • On the other hand, food company, WH Group (HK:0288) has added 1.7%.
  • In South Korea, pharmaceutical company, HanAll Biopharma Company (KS:009420) has edged down 5.2% and technology company, Samsung Electronics (KS:005930) has dropped 1.6%.
  • The Nikkei 225 index is trading 0.2% lower at 38,746.63.
  • The Hang Seng index has declined 2.1% to trade at 16,607.26, while the Kospi index is trading 1.4% lower at 2,681.39.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.2% to trade at $85.28/bl.
  • Yesterday, Brent prices rose 2.2% to settle at $85.42/bl, after the International Energy Agency (IEA) projected tighter market in 2024 and raised oil demand growth outlook this year.
  • At 05:30 SAST today, gold prices advanced 0% to trade at $2,162.50/oz. Yesterday, gold declined 0.6% to close at $2,161.72/oz, as higher PPI dented hopes of early rate cuts.
  • Yesterday, copper declined 0.5% to close at $8,790.75/mt. Aluminium closed 0.3% lower at $2,255.50/mt.

CURRENCIES

  • Yesterday, the South African rand weakened against the US dollar. In the US, the number of initial jobless claims eased in the week ended 8 March 2024. Moreover, the retail sales rebounded in February. Also, the producer price index (PPI) rose more than expected in February.
  • The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 10.24%, while that for the longer-dated 2040 issue rose to 12.68%.
  • At 05:30 SAST, the US dollar is trading 0.2% higher against the South African rand at R18.773, while the euro is trading 0.2% higher at R20.4186. At 05:30 SAST, the British pound has gained 0.1% against the South African rand to trade at R23.9116.
  • Yesterday, the euro mostly advanced against most of the major currencies.
  • At 05:30 SAST, the euro slipped 0.1% against the US dollar to trade at $1.0877, while it has gained 0.1% against the British pound to trade at GBP0.8540.

ECONOMIC UPDATES

  • In South Africa, manufacturing production recorded a rise of 0.8% on a MoM basis in January, compared to a revised 1.3% recorded in the prior month.
  • In Spain, the final consumer price index (CPI) registered a rise of 0.4% on a MoM basis in February, more than market expectations for an advance of 0.3%. The CPI had recorded a rise of 0.1% in the previous month.
  • In the US, initial jobless claims unexpectedly fell to a level of 209.00K in the week ended 8 March 2024, compared to a revised reading of 210.00K in the previous week.
  • In US, the producer price index (PPI) climbed 0.6% on a MoM basis in February, compared to a rise of 0.3% in the previous month. Markets were anticipating producer price to rise 0.3%.
  • In the US, retail sales registered a rise of 0.6% on a MoM basis in February, less than market expectations and compared to a revised rise of 1.1% in the previous month.
  • In Canada, manufacturing sales advanced 0.2% on a MoM basis in January, compared to a revised drop of 1.1% recorded in the prior month. Market expectations were for manufacturing sales to climb 0.4%.
  • In New Zealand, the business NZ PMI advanced to a level of 49.30 in February, compared to a revised level of 47.50 recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • Standard Bank Group Limited (JO:SBKJ): The banking company, in its FY23 results, announced that net interest income increased to R98.19bn from R78.39bn posted in the previous year. Its diluted EPS rose 28.0% from the prior year to R26.35.
  • Exxaro Resources Limited (JO:EXXJ): The mining company, in its annual results for the year ended 31 December 2023, revealed that revenue fell to R38.70bn from R46.37bn posted in the previous year. Its diluted EPS decreased 18.3% from the prior year to R46.66.
  • African Rainbow Capital Investments Limited (JO:AILJ): The investment company, in its 1H24 results, reported that fair value of investments increased to R775.00mn from R138.00mn posted in the corresponding period of the previous year. Its diluted EPS stood at 51.00c, compared with 10.00c recorded in the corresponding period of the previous year.
  • Resilient REIT Limited (JO:RESJ): The REIT company, in its FY23 results, stated that total revenue climbed to R3.58bn from R3.50bn posted in the previous year. Its diluted EPS fell 2.9% from the prior year to R10.46.
  • IEA raises oil demand outlook further on Red Sea tensions: The International Energy Agency (IEA) raised its view on 2024 oil demand growth for a fourth time since November as Houthi attacks disrupt Red Sea shipping, though it remains far less bullish than producer group OPEC.

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.