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 		[Investec Wealth & Investment]

 		 
 		 

 		 
 		Daily View

 		 
 		2 May 2024

 		 

 		[Monthly View]

 		 

 		 

 		US equities extends declines on Powell remarks; Asian markets
mixed; precious metals shares weigh on JSE

 	* Markets were mixed this morning and overnight in response to Fed
chief Jerome Powell's comments last night that reinforced the
higher-for-longer narrative.
 	* Speaking after the Federal Open Markets Committee opted to keep
rates unchanged, Powell said there had been a "lack of progress" in
getting inflation down to the target number of 2%, adding that he was
unsure about how long it would take to get to the target.
 	* The S&P 500 fell 0.3% yesterday, extending Tuesday's decline of
1.6%, while the Nasdaq was also off 0.3%, following a 2% decline on
Tuesday.
 	* However the 10-year Treasury yield did pull back, to 4.63% from
4.68% previously.
 	* Asia-Pacific markets were mixed this morning. The Hang Seng in
Hong Kong advanced 2.3%, but Tokyo's Nikkei was down 0.1%.
 	* Seoul was down 0.3% and Sydney added 0.2%. Mainland Chinese
markets remain closed for the labour day holidays.
 	* The Japanese yen was trading at Y156 to the US dollar as markets
awaited news on possible intervention in the market.
 	* The mining sector, and in particular the volatile gold and
platinum shares, were in focus on the JSE on Tuesday ahead of the Fed
meeting yesterday, as sticky wage inflation numbers in the US weighed
on sentiment.
 	* The JSE fell half a percent, but resources tumbled 4.3% as Gold
Fields (-7.5%), Sibanye (-6.2%), Anglogold Ashanti (-6.1%), Implats
(-5.5%) and Harmony (-4.2%) all fell sharply.
 	* Spot gold fell 1.7% on Tuesday to under US$2300/oz while platinum
was 1.5% off at US$945/oz.
 	* Gains in financials (+1%) and industrials (+0.4%) prevented a
bigger overall decline in the market.
 	* Many of the big upward moves were outside the top 40. Oceana
(+4.5%), Spar (+4.3%), Tiger Brands (+3.3%), Wilson-Bayly (+2.9%), Mr
Price (+2.9%) and Discovery (+2.6%) were among the big upward moves on
the day.
 	* The rand continued to firm this morning, trading at R18.55 to the
US dollar from a previous R18.60.

 		 

 		 

 		 

 		 

 		 

 		 

 		The latest from Investec Focus

 	* South Africa’s ailing healthcare system has significant
implications for the population and the economy. What needs to be done
to change the course of healthcare? In the latest episode of the NO
ORDINARY WEDNESDAY PODCAST
[https://links.wcacomms.investec.co.za/els/v2/dmWrHvx3NAhR/R0RyRFRRNjEwbyt5dnN6UVA5UzJNaVhxNkNJNHZXM3Z5ODlFZnlqYktMNXcxK2FtWGtLcFVHamxtL04vK1dYRVZMRzhkUXZTcUkzTE1OaitjeWZMSWhkdmhCQW9SUUNsUERQYnZnSU5LWWM9S0/c3gwS0NRd3pCekcyTEdnTmVsY1JLN2NHZ3BNVXBSRnES1],
health activist Dr Aslam Dasoo and Investec Healthcare Equity Analyst
Letlotlo Lenake discuss the NHI and the future of healthcare in South
Africa. 

 		 

 		 

 		 

 		 

 		 

 		 

 		Company results and updates

 	* Life Healthcare says it expects its normalised EPS for the six
months to March to rise by between 5.4% and 10.3%. Results are due out
on 22 May.
 	* Impala Platinum reported a 16% increase in PGM production for the
nine months to March, to 2.73 million ounces. In the March quarter,
827,000oz were produced, an increase of 13%.  

 		 

 		 

 		 

 		 

 		 

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 		[Markets]

 		 

 		Markets at a glance

 		• KEY INDICATORS
 		• ECONOMIC CALENDAR

 		• INDICES
 		• COMPANY CALENDAR

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