Unum Market Commentary: Equities Stable As Traders Shrug Off
Unum Market Commentary: Equities Stable As Traders Shrug Off Trade Woes; Copper Rebounds
On Tuesday, traders appeared to ignore the threat of a trade war, instead focusing on a softer US Dollar to drive sentiment throughout the session which saw equities largely higher on the day. On the JSE, the All Share Index added 0.15% while the Top 40 managed to stay in the green by 0.05%. On the leader-board, Anglo American Platinum added 4.70% while MTN recovered some of it's recent losses to add 4.52%. On the downside, Pepkor and Tiger Brands lost 2.94% and 2.84% respectively. In Europe, it was a mixed day with the DAX and CAC 40 adding 0.51% and 0.28% respectively while the FTSE100 lost 0.03%. After a rocky start to the week, equities in the US bounced back immediately with the major indices all higher for the session. This morning in Asia, markets are up strongly with the Nikkei, Hang Seng and Shanghai Composite all gaining over 1%.
In the commodities space, Copper is starting to show signs of recovery, having rebounded sharply during yesterday's session, while Brent Crude Oil hold above the $79 level.
JSE Major Sectors
Resources 10 +0.25%
Industrial 25 -0.26%
Financial 15 +0.75%
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Unum Capital Economic Calendar: www.unum.co.za/economic-calendar/
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In currencies, the South African Rand trades as follows:
USDZAR -0.32% to 14.90
GBPZAR -0.29% to 19.60
EURZAR -0.20% to 17.39
Gold trades at $1208
Platinum at $820
Brent Crude Oil at $79.06
International Markets
This morning, Asian equities are as follows:
Nikkei 225 (+1.19%)
Hang Seng (+1.47%)
Shanghai Composite (+1.34%)
Latam Markets closed as follows:
Merval 25 (+3.05%)
Bovespa (+1.99%)
INMEX (+0.72%)
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Company News
Phumelela Gaming & Leisure Limited - Resignation of Chief Executive Officer
In compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, the board of directors of Phumelela Gaming and Leisure Limited ("the Board") hereby notifies its shareholders that Mr Rian du Plessis has tendered his resignation as CEO of Phumelela Gaming and Leisure Limited (“the Company”) for personal reasons, effective from 17 September 2018. Rian has committed to assist his successor until the end of March 2019 to ensure a smooth transition.
Rian has full confidence in the Company’s executive management team, underlying business fundamentals and strategic direction and has undertaken not to dispose of any Phumelela shares held directly or indirectly by him, his family or otherwise in the foreseeable future.
The Board and management team would like to thank Rian for his valued service and contribution to the Company over the past ten years. He led the development of a sophisticated business with multiple revenue streams and has formed a management team supporting long term stability and growth. The Board wishes Rian every success in his future endeavours.
The Board is pleased to advise that Mr John Stuart, the current Executive Director: International Operations, has been appointed to fulfil the role as CEO.
With more than 39 years of experience in the horse racing and gaming industry, the Board welcomes John’s increased participation in the business and looks forward to his ongoing contribution.
The Company’s financial results announcement scheduled for 5 October 2018 will be delivered by the new CEO.
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Aus miners:
BHP Billiton (+2.99%)
Rio Tinto (+2.99%)
S32 (+1.97%)
FANGs
Facebook (-0.17%)
Amazon (+1.73%)
Netflix (+4.94%)
Google (+0.63%)
FTSE Miners:
Anglo American plc (+1.91%)
BHP Billiton plc (+1.08%)
Glencore plc (+2.78%)
Alibaba Holdings (-1.41%)
Tencent Holdings (+1.70%)
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