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 		[Investec Wealth & Investment]

 		 
 		 

 		 
 		Daily View

 		 
 		9 May 2024

 		 

 		[Monthly View]

 		 

 		 

 		Trade numbers and property news lift Chinese stocks; Wall Street
ends mixed; JSE up as AB Inbev rises 5%

 	* Chinese and Hong Kong stocks rose this morning after China's trade
numbers for April beat expectations and a key city lifted property
buying restrictions.
 	* China's CSI 300 was up 1% at the time of writing, while Hong
Kong's Hang Seng was up 1.3%.
 	* Both China's imports and exports rose in April, by more than
markets had been expecting. 
 	* Meanwhile property developer shares in China and Hong Kong were
boosted by news that the city of Hangzhou had lifted all restrictions
on housing purchases.
 	* Most other markets in the Asia-Pacific region were down however,
with Tokyo off 0.3%, Seoul down 1.1% and Sydney 1.1% lower.
 	* The moves followed a mixed day on Wall Street yesterday that saw
the S&P 500 edge slightly lower, the Nasdaq down by 0.2% and the Dow
add 0.4%.
 	* The 10-year Treasury closed slightly higher at 4.49%.
 	* In other markets, Europe's Stoxx 600 rose 0.3% while the FTSE 100
in London was up 0.5%.
 	* Crude oil prices edged up on news of lower US inventories and on
hopes of a US rate cut later this year. Brent crude was last at
US$83.80/barrel.
 	* The JSE rose a third of a percent yesterday, lifted by
industrials and financials.
 	* Leading the gains was global brewer AB Inbev, which added 5% after
strong quarterly results, but there were also gains by Sappi (+4.3%),
Pick n Pay (+4.2%) and Thungela (+3%).
 	* However the likes of Exxaro (-7.6%) and Sibanye (-4.1%) weighed on
the resources sector.
 	* The rand was weaker this morning, trading at R18.58 to the US
dollar.

 		 

 		 

 		 

 		 

 		 

 		 

 		Company results and updates

 	* Sappi reported EPS (excluding special items) of 20 US cents for
the half year to March, a decline of 51%.
 	* KAL Group reported recurring HEPs of 408.74c for the six months to
March, an increase of 7.1%. An interim dividend of 54cps was declared.
 	* Pan African Resources says it expects to produce between 186,000
and 190,000oz of gold for the year to June. Results are due out on 11
September.

 		 

 		 

 		 

 		 

 		 

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