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 		[Investec Wealth & Investment]

 		 
 		 

 		 
 		Daily View

 		 
 		10 May 2024

 		 

 		[Monthly View]

 		 

 		 

 		Hong Kong rises on housing rule news; Dow extend gains following
weekly jobs numbers; resources shares lead gains on JSE

 	* Hong Kong continued its rally this morning, adding 2.2% as
property development stocks surged ahead, a day after two leading
cities in China lifted restrictions on home purchases.
 	* Other leading regional indices rose as well, with Tokyo up 0.4%,
Seoul up 0.6% and Sydney up 0.4%. China's CSI 300 of leading counters
was up 0.1%.
 	* The moves followed advances on Wall Street overnight, on hopes of
rate cuts later this year following further signs of softness in the
labour market.
 	* Weekly jobless claims in the US jumped to their highest level in
eight months. This followed last week's released of nonfarm payrolls
for April, which fell short of economists' expectations.
 	* The S&P 500 rose 0.5% and the Nasdaq 0.3%, while the Dow rose
0.9%, extending its winning streak to a seventh day.
 	* he US dollar softened against most currencies, while the yield on
the 10-year Treasury fell further, to 4.45%.
 	* US markets are now pricing in a 50% chance of a rate cut by the
Fed in September.
 	* In other markets, Brent crude edged up three quarters of a percent
to US$84.40/barrel as energy traders watched developments in Gaza.
 	* In Europe, the Stoxx 600 rose 0.2% yesterday, while the FTSE 100
added 0.3%, to a new record high, after the Bank of England left rates
unchanged.
 	* A rebound in resources shares (+1.6%) in the afternoon session
helped to lift the JSE by half a percent yesterday, while industrials
also added half a percent but financials slipped 0.2%.
 	* DRDGold led the gains, adding 4.4%. Among the heavyweight
counters, Anglo American rose 3%, Sibanye 2.6%, Gold Fields 2.5% and
Naspers 2.2%.
 	* Sappi (-3.4%) headed the declines after announcing a drop in
earnings. Pick n Pay (-3.3%) and Sasol (-3.1%) were the other notable
declines
 	* The rand firmed over the course of the day yesterday and was
trading at R18.50 to the US dollar at the close. It firmed further
this morning, to R18.44.

 		 

 		 

 		 

 		 

 		 

 		 

 		The latest from Investec Focus

 	* The transformative power of hope is the focus of the
latest REIMAGINE MENTAL HEALTH PODCAST
[https://links.wcacomms.investec.co.za/els/v2/dmWrHvvrd9td/UVU1dDI5TFpnQjZVODVuU1diMUZSWFpZejU3MUVOTWFkV1I3Ri8yZHp6UzdydVcvZEtwdWFIV0dIbnBtYVpTbUFMdFRZK0pOdXlYNjQrV2UxWWpBbzRVaWRkNUE4ZmNOSU9mS3RROW1jU3M9S0/YzdEanFiUHM5MGdpc3hXelNDL0VZUDFOQmJhTFV0K28S1].
Cumesh Moodliar, CEO of Investec Bank talks about the importance of
cultivating a positive mindset and how corporates can help foster hope
in times of uncertainty. 

 		 

 		 

 		 

 		 

 		 

 		 

 		Company results and updates

 	* Sibanye-Stillwater reported a 2.5% increase in its South African
4E PGM production in the March quarter, to 389,313oz. US 2E PGM
production rose 21.7% to 122,543oz. Gold production fell 17.9% to
164,515oz.
 	* DRDGold reported produced 39,449oz of gold in the March quarter, a
decline of 3% on the December quarter.
 	* RFG expects to report an increase in diluted HEPS of between 18%
and 23% for the six months to March. Interim results are due out on 22
May.  

 		 

 		 

 		 

 		 

 		 

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 		[Markets]

 		 

 		Markets at a glance

 		• KEY INDICATORS
 		• ECONOMIC CALENDAR

 		• INDICES
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