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 		[Investec Wealth & Investment]

 		 
 		 

 		 
 		Macro Monday

 		 
 		6 May 2024

 		 

 		[Monthly View]

 		 

 		 

 		SOE sector shows signs of improvement; US nonfarm payrolls surprise
on the downside; a good earnings season in the US

 		 

 		Chief Investment Strategist Chris Holdsworth takes a look at SA's
state-owned enterprises and in particular at the positive trends in
electricity availability, as well as in ports and rail. He also looks
at the recent rand strength, US interest rates, US jobs and earnings.

 		 

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 		Hong Kong, China follow Wall Street higher after payrolls numbers;
industrials lift JSE

 	* Asia-Pacific markets were mostly higher this morning as they
reacted to Friday's softer-than-expected US nonfarm payrolls report.
 	* China's CSI 300 rose 1.5%, while Hong Kong's Hang Seng was up 0.6%
and Sydney's ASX was up 0.7%. Tokyo and Seoul are both closed for
public holidays.
 	* Asia-Pacific markets are now keeping an eye on the Reserve Bank
of Australia's interest rate decision tomorrow and China's trade data,
due out on Thursday.
 	* US equities had their best day in more than two months on Friday
after the jobs report fell short of expectations, rekindling hopes
that the market could see interest rate cuts later this year.
 	* The US added 175,000 jobs in April, well below the 241,000
forecast by a Bloomberg poll of economists and the smallest rise in
six months.
 	* Unemployment rose to 3.9% from 3.8% previously, while wage growth
was lower than expected.
 	* The S&P 500 rose 1.3%, the Dow 1.2% and the Nasdaq 2%, while the
10-year Treasury fell to 4.5% from 4.57% previously.
 	* The Nasdaq was further supported by news that Apple had announced
a US$110bn share buyback programme.
 	* Other markets also benefited, with London’s FTSE 100 ending
0.5%, a new record high, while the European Stoxx 600 also rose 0.5%.
 	* Locally, the JSE was up three quarters of a percent this morning
after gains by resources and financials.
 	* The JSE added half a percent on Friday, after a 1.3% rise in
industrials. Winners in the sector included Richemont (+3%), Bidvest
(+2.1%), Mr Price (+2.1%) and Prosus (+2%).
 	* While resources fell 0.2%, there were nonetheless good gains in
the likes of Kumba Iron Ore (+4.4%), Anglo Platinum (+4.2%) and
Implats (+2.2%).
 	* The rand firmed further on Friday, to R18.51 to the US dollar. It
was trading at R18.46 this morning.

 		 

 		 

 		 

 		 

 		 

 		 

 		Company results and updates

 	* Redefine declared a dividend of 20.27cps for the six months to
February, a decline of 0.2%. The net asset value per share was up
3.9%, at 780.32c.
 	* Calgro M3 expects its HEPS for the year to February to rise by
between 20.2% and 27.7%. Results are out on 13 May.

 		 

 		 

 		 

 		 

 		 

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