Market Review, Commodities, Currencies, Economic & Corporate Update - 16.01.24

Published 2024/01/16, 09:17
EUR/USD
-
USD/ZAR
-
UK100
-
XAU/USD
-
US500
-
DJI
-
JP225
-
HK50
-
HSBA
-
LLOY
-
RIO
-
BRBY
-
AV
-
HMSO
-
BAES
-
RR
-
ADML
-
STAN
-
GC
-
HG
-
LCO
-
CL
-
FRES
-
OCDO
-
JD
-
IXIC
-
KS11
-
FSRJ
-
NEDJ
-
SBKJ
-
AMSJ
-
IMPJ
-
EXXJ
-
004140
-
008930
-
6501
-
9501
-
MAL
-
0960
-
PIKJ
-
CSBJ
-
CPIJ
-
TKGJ
-
EMIJ
-
MTAJ
-
BLUJ
-
ATTJ
-
BMEB
-
GLNJ
-
9961
-
NPHJ
-

SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, amid weaker banking and mining sector stocks.
  • Banks, FirstRand (JO:FSRJ), Standard Bank Group (JO:SBKJ), Nedbank Group (JO:NEDJ) and Capitec Bank Holdings (JO:CPIJ) dropped 4.1%, 2.3%, 2.1% and 1.8%, respectively.
  • Platinum miners, Anglo American Platinum (JO:AMSJ) and Impala Platinum (JO:IMPJ) both declined 2.4%.
  • Diversified miners, Exxaro Resources (JO:EXXJ) and Anglo American Resources both shed 1.4%.
  • On the flipside, retailers, Pick ‘n Pay Stores (JO:PIKJ) and Cashbuild (JO:CSBJ) advanced 3.0% and 1.8%, respectively.
  • Property developers, Attacq (JO:ATTJ), Hammerson (LON:HMSO) and Emira Property Fund (JO:EMIJ) gained 2.1%, 1.5% and 1.1%, respectively.
  • Telecommunications companies, Blue Label Telecoms (JO:BLUJ) and Telkom SA SOC (JO:TKGJ) rose 1.3% and 0.9%, respectively.
  • The JSE All Share index declined 0.8% to close at 73,675.75.

UK MARKET REVIEW

  • The UK market finished weaker yesterday, amid dismal corporate earnings forecasts.
  • Retailers, Burberry Group (LON:BRBY), Ocado Group (LON:OCDO), B&M European Value Retail S.A. (LON:BMEB) and JD Sports Fashion (LON:JD) dropped 5.7%, 5.1%, 2.5% and 1.0%, respectively.
  • Banking firms, Lloyds Banking Group (LON:LLOY), HSBC Holdings (LON:HSBA) and Standard Chartered (LON:STAN) declined 2.6%, 2.3% and 1.4%, respectively.
  • Defence companies, Rolls Royce Holdings (LON:RR) and BAE Systems (LON:BAES) shed 1.6% and 1.0%, respectively.
  • Miners, Fresnillo (LON:FRES), Rio Tinto (LON:RIO) and Glencore (JO:GLNJ) fell 1.2%, 0.8% and 0.7%, respectively.
  • On the other hand, insurance companies, Admiral Group (LON:ADML) and Aviva (LON:AV) advanced 1.7% and 1.1%, respectively.
  • The FTSE 100 index declined 0.4% to close at 7,594.91.

US MARKET REVIEW

  • US markets were closed yesterday on account of a public holiday.
  • On Friday, the S&P 500 index rose 0.1% to settle at 4,783.83, while the DJIA index declined 0.3% to close at 37,572.98.
  • The NASDAQ index marginally climbed to end the trading session at 14,972.76.

ASIA MARKET REVIEW

  • Asian markets are trading lower this morning, amid concerns over rate outlook.
  • In Japan, consumer electronics company, Hitachi (TYO:6501) has declined 2.1%.
  • On the flipside, electric services company, Tokyo Electric Power Company Holdings (TYO:9501) has advanced 2.0%.
  • In Hong Kong, real estate company, Longfor Group Holdings (HK:0960) has dropped 2.3%.
  • On the other hand, travel and tourism company, Trip.com (HK:9961) has gained 1.7%.
  • In South Korea, logistics company, Dongbang Transport Logistics (KS:004140) has plunged 9.1%.
  • On the contrary, pharmaceutical company, Hanmi Science (KS:008930) has surged 10.3%.
  • The Nikkei 225 index is trading 0.3% lower at 35,792.06.
  • The Hang Seng index has declined 1.0% to trade at 16,058.44, while the Kospi index is trading 0.6% lower at 2,511.34.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.2% to trade at $77.97/bl.
  • Yesterday, Brent prices fell 0.2% to settle at $78.15/bl, amid profit booking.
  • At 05:30 SAST today, gold prices declined 0.2% to trade at $2,050.39/oz. Yesterday, gold gained 0.3% to close at $2,054.49/oz, as escalating geopolitical tensions in the Middle East and rate cut bets boosted demand for the safe haven yellow metal.
  • Yesterday, copper declined 0.2% to close at $8,284.15/mt. Aluminium closed 0.7% lower at $2,204.33/mt.

CURRENCIES

  • Yesterday, the South African rand weakened against the US dollar.
  • The yield on benchmark government bonds rose yesterday. The yield on the 2030 bond advanced to 9.73%, while that for the longer-dated 2040 issue rose to 12.16%.
  • At 05:30 SAST, the US dollar is trading 0.3% higher against the South African rand at R18.7451, while the euro is trading 0.1% higher at R20.4798. At 05:30 SAST, the British pound has marginally gained against the South African rand to trade at R23.7844.
  • Yesterday, the euro advanced against most of the major currencies. In the eurozone, industrial production declined for a third consecutive month in November.
  • At 05:30 SAST, the euro slipped 0.2% against the US dollar to trade at $1.0926, while it has gained 0.1% against the British pound to trade at GBP0.8611.

ECONOMIC UPDATES

  • In Italy, global trade surplus narrowed to EUR3.89bn in November, compared to a revised surplus of EUR4.73bn recorded in the previous month.
  • In the eurozone, industrial production declined 0.3% on a MoM basis in November, in line with market expectations. Industrial production had declined 0.7% in the prior month.
  • In the eurozone, trade surplus widened to GBP14.80bn in November, compared to a revised surplus of EUR11.10bn recorded in the previous month.
  • In Canada, manufacturing sales rose 1.2% on a MoM basis in November, compared to a revised drop of 2.9% in October.
  • In Japan, the producer price index (PPI) recorded a flat reading on a YoY basis in December, compared to a rise of 0.3% recorded in the prior month.
  • In New Zealand, the NZIER Business Confidence dropped 2.0% on a QoQ basis in 4Q23, compared to a drop of 52.0% recorded in the prior quarter.
  • In Australia, the Westpac Consumer Confidence index dropped 1.3% in January, compared to a rise of 2.7% recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • Northam Platinum Holdings Limited (JO:NPHJ): The platinum mining company, in its 1H23 voluntary trading update, revealed that total equivalent refined metal production from own operations increased 10.6% as compared with the previous year. Moreover, its total production (including purchased material) increased 19.9% as compared with the previous year.
  • Metair Investments Limited (JO:MTAJ): The investment company announced the appointment of Mr Paul O’Flaherty as the new Chief Executive Officer (CEO) and as a member of the company’s social and ethics committee, with effect from 1 February 2024.
  • Oil dips on profit taking after last week’s strong gains: Oil prices dipped as the Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2.0% last week.

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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.