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Market Review, Commodities, Currencies, Economic & Corporate Update - 23.01.24

Published 2024/01/23, 09:21
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SOUTH AFRICA MARKET REVIEW

  • South African markets closed in the red yesterday, amid ongoing uncertainty surrounding US rate cut bets and ahead of domestic inflation and interest rate decision due this week.
  • Platinum miners, Northam Platinum (JO:NPHJ) and Anglo American Platinum (JO:AMSJ) dropped 2.8% and 1.1%, respectively.
  • Diversified miners, Kumba Iron Ore (JO:KIOJ), Exxaro Resources (JO:EXXJ) and Anglo American (JO:AGLJ) declined 2.0%, 1.1% and 0.9%, respectively.
  • Lenders, Capitec Bank Holdings (JO:CPIJ), FirstRand (JO:FSRJ) and Nedbank Group (JO:NEDJ) shed 1.8%, 1.7% and 0.7%, respectively.
  • Pharmaceutical companies, Aspen Pharmacare (JO:APNJ), Netcare (JO:NTCJ) and Life Healthcare (JO:LHCJ) fell 1.8%, 0.8% and 0.5%, respectively.
  • On the flipside, retailers, Pick ‘n Pay Stores (JO:PIKJ), Lewis Group (JO:LEWJ), Cashbuild (JO:CSBJ) and Mr Price Group (JO:MRPJ) advanced 4.2%, 2.5%, 1.7% and 0.7%, respectively.
  • The JSE All Share index declined 0.4% to close at 72,351.50.

UK MARKET REVIEW

  • The UK market finished firmer yesterday, led by gains in homebuilding sector stocks.
  • Homebuilders, Persimmon (LON:PSN), Barratt Developments (LON:BDEV), Berkeley Group Holdings (LON:BKGH) and Land Securities Group (LON:LAND) jumped 3.3%, 2.9%, 1.8% and 1.2%, respectively.
  • Retailers, JD Sports Fashion (LON:JD), Ocado Group (LON:OCDO), Next and Burberry Group (LON:BRBY) advanced 3.1%, 1.7%, 1.2% and 1.0%, respectively.
  • Banking firms, Barclays (LON:BARC), NatWest Group (LON:NWG), Lloyds Banking Group (LON:LLOY) and HSBC Holdings (LON:HSBA) gained 2.8%, 2.7%, 1.8% and 1.5%, respectively.
  • Insurance companies, Aviva (LON:AV), Legal & General Group (LON:LGEN), Admiral Group (LON:ADML) and Prudential (LON:PRU) rose 1.9%, 1.6%, 1.2% and 1.1%, respectively.
  • Water utilities companies, United Utilities Group (LON:UU) and Severn Trent (LON:SVT) added 1.9% and 1.4%, respectively.
  • The FTSE 100 index advanced 0.3% to close at 7,487.71.

US MARKET REVIEW

  • US markets ended higher yesterday, boosted by technology sector stocks and as investors await corporate earnings for further cues on profit outlook.
  • Media and entertainment companies, Walt Disney (NYSE:DIS), Warner Bros Discovery (NASDAQ:WBD) and Netflix (NASDAQ:NFLX) advanced 2.2%, 1.2% and 0.6%, respectively.
  • Technology companies, Apple (NASDAQ:AAPL) and Internal Business Machines (NYSE:IBM) gained 1.2% and 0.8%, respectively.
  • On the contrary, biopharmaceutical company, Gilead Sciences (NASDAQ:GILD) shed 10.2%, after the company’s drug, Trodelvy, failed to significantly improve survival for previously treated patients with advanced non-small cell lung cancer (NSCLC) in a late-stage study.
  • The S&P 500 index rose 0.2% to settle at 4,850.43, while the DJIA index advanced 0.4% to close at 38,001.81.
  • The NASDAQ index climbed 0.3% to end the trading session at 15,360.29.

ASIA MARKET REVIEW

  • Asian markets are trading mostly higher this morning, tracking overnight gains on Wall Street.
  • In Japan, automotive manufacturing company, Denso Corporation (TYO:6902) has gained 2.0%.
  • On the flipside, energy company, Chubu Electric Power (TYO:9502) has eased 1.5%.
  • In Hong Kong, pharmaceutical company, Wuxi Biologics (HK:2269) has advanced 5.9%.
  • On the other hand, Hengan International Group (HK:1044) has declined 1.2%.
  • In South Korea, electronics company, LG Electronics (KS:066570) has added 1.9%.
  • On the contrary, Daesung Energy Company (KS:117580) has shed 5.8%.
  • The Nikkei 225 index is trading 0.9% higher at 36,866.64.
  • The Hang Seng index is trading 2.5% higher at 15,338.06, while the Kospi index is trading 0.4% firmer at 2,473.95.

COMMODITIES

  • At 05:30 SAST today, Brent prices fell 0.1% to trade at $79.95/bl.
  • Yesterday, Brent prices rose 1.9% to settle at $80.06/bl, on global energy supplies concerns following a Ukrainian drone strike on Russia's Novatek fuel terminal and as extreme cold weather hampered US crude production.
  • At 05:30 SAST today, gold prices advanced 0.2% to trade at $2,024.92/oz. Yesterday, gold declined 0.4% to close at $2,020.09/oz, amid bets for rate cuts by the US Federal Reserve.
  • Yesterday, copper declined 0.2% to close at $8,253.10/mt. Aluminium closed 0.3% lower at $2,159.15/mt.

CURRENCIES

  • Yesterday, the South African rand weakened against the US dollar.
  • The yield on benchmark government bonds dropped yesterday. The yield on the 2030 bond dropped to 9.72%, while that for the longer-dated 2040 issue fell to 12.18%.
  • At 05:30 SAST, the US dollar is trading 0.2% lower against the South African rand at R19.1477, while the euro is trading 0.2% lower at R20.8571. At 05:30 SAST, the British pound has declined 0.2% against the South African rand to trade at R24.3638.
  • Yesterday, the euro weakened against most of the major currencies.
  • At 05:30 SAST, the euro advanced 0.1% against the US dollar to trade at $1.0894, while it has marginally weakened against the British pound to trade at GBP0.8562.

ECONOMIC UPDATES

  • The Bank of Japan (BoJ) maintained its key interest rate at -0.1%, in line with market expectations.
  • In Australia, the NAB business confidence index rose to a level of -1.00 in December, compared to a revised level of -8.00 recorded in the previous month.

CORPORATE UPDATES

SOUTH AFRICA

  • Pan African Resources Limited (JO:PANJ): The mining company, in its 1H23 operational update, revealed that gold production increased 6.7% to 98,458oz. For FY24, the company expects production to be between 180,000oz to 190,000oz. Moreover, the company intends to release its interim results on 14 February 2024.
  • Brimstone Investment Corporation Limited (JO:BRTJ): The nvestment company announced that Sea Harvest, through its wholly owned subsidiaries, has entered into a share purchase agreement with Terrasan Group Limited and Terrasan Beleggings Proprietary Limited to acquire certain subsidiaries of Terrasan Beleggings engaged in the catching, processing and sale of pelagic fish, and in the farming, processing and sale of abalone, for an initial purchase consideration of R964.84mn.
  • Datatec Limited (JO:DTCJ): The information and communication technology company announced that its subsidiary, Westcon-Comstor has acquired Rebura, an award-winning AWS (Amazon (NASDAQ:AMZN) Web Services) advanced consulting partner and solution provider.

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