Market Commentary

Unum Capital Trading Desk Research 05-Aug-2019

Unum Capital Trading Desk Research 05-Aug-2019

Research – 05 August 2019 Lester Davids, Unum Trading Desk Market Overview   South African equities ended the week lower, with the All Share Index declining by 2.25% while the Top 40 was weaker by 2.31% (or 1296 points). Of the major movers last week, Sappi shed 16.6%, Massmart by a similar 16% while Mondi Plc found itself 10% in the red. Bucking the trend was RCL Foods with a 12% gain, while Harmony Gold, Anglogold Ashanti and Shoprite added 10.36%, 6.93% and 6.38% respectively. In a big move, the Rand lost 3.42% versus the US Dollar adding to the prior week’s…
Unum Capital Trading Desk Research Note: 29 July - 2 August 2019

Unum Capital Trading Desk Research Note: 29 July - 2 August 2019

Research – 29 July 2019 Lester Davids, Unum Trading Desk Market Overview On Friday just after the market close, South Africa was dealt another blow as Ratings Agency Fitch cut their outlook on the economy to negative (from stable) affirming the junk BB+ rating on the country’s foreign- and local-currency debt. This decision comes on the back of a“marked widening in the budget deficit as a result of lower GDP growth and increased spending, including state-owned enterprise support”. In addition, Treasury’s announcement that power utility Eskom would be supported with an additional R59bn is a move which is seen by the rating’s…