Market Commentary: Late Recovery in US + Mondi To Pay Special Dividend

On Friday US markets recovered from the prior three-day sell-off as traders picked up bargains amid the panic. For the week, the MSCI All-Country World Equity Index was down 2.44%, closing at a reading of 511 index points with the worst performer for the major indices being the DAX (down 4.51%) while the Shanghai Composite was down by only 1.05%. On the upside, the S&P VIX Futures rallied 14%, while the CBOE VIX rallied 18%.

In commodities Gold, Platinum and Brent Crude Oil were down by 0.38%, 2.90% and 4.10% respectively.

In currencies, the Rand lost 35 cents versus the US Dollar to close the week at 11.89, while closing the week slightly weaker at R16.42 versus the British Pound.

In currencies, the South African Rand trades as follows (at 07:00am):

USDZAR +0.52% to 11.98
GBPZAR +0.44% to 16.52
EURZAR +0.55% to 14.76

Gold is higher at $1327, Platinum at $970 while Brent Crude Oil is at $64.64.

International Markets

This morning, Asian equities are as follows:

Nikkei 225 (-0.85%)
Hang Seng (-1.15%)
Shanghai Composite (-0.16%)

US Markets closed as follows:

Dow 30 (-0.29%)
S&P500 (+0.51%)
Nasdaq 100 (+1.08%)
Company News

On Friday Mondi (MND) reported Results For The Year Ended 31 December 2017, highlights as follows:

– Revenue of EUR7,096 million, up 7%
– Underlying EBITDA of EUR1,444 million, up 6%
– Underlying operating profit of EUR1,018 million, up 4%
– Underlying basic earnings of 149.5 euro cents per share, up 8%
– Profit before tax of EUR887 million, up 5%
– Over EUR750 million of approved major capital expenditure projects in progress, securing a strong growth pipeline
– Acquisitions totalling over EUR400 million completed or announced, expanding the Group’s product offering to better serve our customers
– In addition, recommended special dividend of 100.0 euro cents per share

Aus miners:
BHP Bil (-1.72%)
Rio Tinto (-1.23%)
S32 (+0.15%)

FANGs:
Facebook (+0.39%)
Amazon (+0.46%)
Netflix (+3.67%)
Google (+0.87%)

Alibaba closed the trading session in negative territory, down 1.23% while Tencent is also down 1.23% today in Hong Kong early afternoon trade.

FTSE mining:
AGL (-3.10%)
BHP BIL (-3.10%)
Glencore (-3.02%)

Leave a Reply

Your email address will not be published. Required fields are marked *