Market Review, Commodities, Currencies, Economic & Corporate Update - 30.05.23

  • Market Overview
- Anchor
https://anchorcapital.co.za/

South Africa Market Review

  • South African markets closed in the green yesterday, buoyed by gains in mining sector stocks and shares in Telkom (JO: TKGJ ).
  • Telecommunications company, Telkom jumped 10.5%, amid reports that Public Investment Corporation (PIC) is supporting a bid by former Telkom CEO, Sipho Maseko to buy a 35% stake in the company.
  • Diversified miners, Pan African Resources (JO: PANJ ) and Anglo American (JO: AMSJ ) advanced 6.3% and 1.4%.
  • Retailers, Pick n Pay Stores (JO: PIKJ ) and Steinhoff International Holdings (JO: SNHJ ) gained 4.0% and 3.9%, respectively.
  • Food companies, Famous Brands (JO: FBRJ ) and RFG Holdings (JO: RFGJ ) rose 1.8% and 1.4%, respectively.
  • On the flipside, pharmaceutical companies, Life Healthcare (JO: LHCJ ) and Adcock Ingram Holdings (JO: AIPJ ) declined 2.0% and 0.6%, respectively.
  • The JSE All Share index marginally advanced to close at 76,613.35.

UK Market Review

  • The UK market was closed yesterday on account of a public holiday.
  • On Friday, the FTSE 100 index advanced 0.7% to close at 7,627.20.

US Market Review

  • US markets were closed yesterday on account of Memorial Day.
  • On Friday, the S&P 500 index rose 1.3% to settle at 4,205.45, while the DJIA index advanced 1.0% to close at 33,093.34.
  • The NASDAQ index climbed 2.2% to end the trading session at 12,975.69.

Asia Market Review

  • Asian markets are trading mostly lower this morning.
  • In Japan, cement company, Taiheiyo Cement Corporation (TYO: 5233 ) has declined 2.6%.
  • On the flipside, watch company,Citizen Watch Company (OTC: CHCLY ) has gained 2.2%.
  • In Hong Kong, real estate company, Longfor Group Holdings (HK: 0960 ) has declined 1.4%.
  • On the other hand, pharmaceutical company, Hansoh Pharmaceutical (HK: 3692 ) has advanced 1.2%.
  • In South Korea, consumer electronics company, LG Electronics (KS: 066570 ) has surged 8.9%.
  • On the contrary, chemical company, ISU chemical (KS: 005950 ) has shed 8.5%.
  • The Nikkei 225 index is trading 0.4% lower at 31,119.27.
  • The Hang Seng index has dropped 0.5% to trade at 18,458.06, while the Kospi index is trading 0.9% higher at 2,581.39.

Commodities

  • At 05:30 SAST today, Brent prices fell 0.3% to trade at $76.82/bl.
  • Yesterday, Brent prices rose 0.2% to settle at $77.07/bl, amid a tentative deal to raise the US debt ceiling.
  • At 05:30 SAST today, gold prices advanced 0.1% to trade at $1,944.26/oz. Yesterday, trading in gold was closed on account of US holiday.
  • On Friday, copper rose 2.1% to close at $8,081.35/mt. Aluminium closed 1.0% higher at $2,237.35/mt.

Currencies

  • Yesterday, the South African rand weakened against the US dollar.
  • The yield on benchmark government bonds rose yesterday. The yield on 2026 bond rose to 9.74%. Further, the yield on the longer-dated 2030 issue rose to 11.12%.
  • At 05:30 SAST, the US dollar is trading 0.2% higher against the South African rand at R19.6983, while the euro is trading 0.1% higher at R21.0935. At 05:30 SAST, the British pound has gained 0.1% against the South African rand to trade at R24.3288.
  • Yesterday, the euro declined against most of the major currencies. In the UK, the BRC shop price index rose in April.
  • At 05:30 SAST, the euro marginally slipped against the US dollar to trade at $1.0708, while it has marginally gained against the British pound to trade at GBP0.8671.

Economic Updates

  • In the UK, the BRC shop price index rose 9.0% on a YoY basis in April, compared to a rise of 8.8% in the previous month.
  • In Japan, the unemployment rate dropped to 2.6% in April, more than market expectations and compared to 2.8% in the previous month.
  • In Australia, building permits unexpectedly dropped 8.1% on a MoM basis in April, compared to a drop of 0.1% recorded in the previous month.

Corporate Updates

South Africa

  • Adcorp Holdings Limited (JO: ADRJ ): The workforce solutions company, in its FY23 results, announced that its revenue rose to R12.05bn from R11.32bn posted in the previous year. Its diluted EPS stood at 36.00c, compared with 103.20c recorded in the previous year.
  • Oil steady as US reaches tentative debt deal: Oil prices were steady after US leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer but concerns about further interest rate hikes capped gains.

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