11/09/2019
Vunani Securities Morning Note - 11 September
SA
The JSE closed in the red yesterday. Platinum and gold stocks led the way lower, closing 4.43% and 1.64% down, respectively. Local manufacturing contracted -1.1% from a prior -3.2%. Moody’s, the only credit-ratings agency that hasn’t yet downgraded SA to sub-investment grade, said it will keep SA’s growth forecast at 0.7%. At 5pm, the All Share closed 0.34% lower. Market heavyweight, Naspers will list all its international internet assets (including Tencent Holdings in Hong Kong) into a brand-new company called Prosus, which will list on the Euronext bourse in Amsterdam.
EU/UK
European markets closed in the green on Tuesday, The DAX in Germany closed 0.35% higher and the CAC in France closed 0.08% up. European markets are cautious ahead of Thursday’s much awaited ECB meeting, as markets are looking at whether there will be further stimulus to boost the eurozone economy. In the UK, the FTSE100 overcame losses and closed 0.44% up. Led by sports and leisure retailer, JD Sports, which closed 8.79% in the green, after reporting higher sales as profit. Bankers, Barclays and Lloyds closed 4.9% and 4.26% higher, respectively.
US
US markets closed mixed, the DOW closed 0.28% higher, the S&P closed 0.03% up and the Nasdaq closed 0.04% lower. There were gains in Telecoms, Basic Materials and Oil & Gas, and losses in Consumer Goods and Services and Financials.
ASIA
Asian stocks are mostly trading higher, amidst expectations of further stimulus from major central banks, the Hang Sang in Hong Kong is 1.72% up, the Nikkei in Japan is 0.81% up and the Australian ASX200 is up 0.09%.
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Not investment advice:
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