Market Overview

The following is a partial recap of the market analysis shared during today’s morning Discord call. Today’s market seems to be leaning away from risk, with mostly flat or downward movement. A notable trend has been the market’s increasingly muted reaction to the war in the Middle East. The U.S. market grew despite escalating headlines from President Trump describing the cease-fire as being on “life support”. This could imply that the supply chains are adapting to the global situation.

Metals Space

Metals space has seen a sharp rally in some areas, following contracts for silver and copper, which allowed the former to break previous swing-time highs, while the latter reached an all-time high. Meanwhile, gold has notably lagged behind, which is a clear indicator that it could have been used to buy into silver and copper. It’s worth noting, however, that gold miners have seen a rally following Barrick’s (B) performance on its earnings yesterday. We recommend keeping an eye on the metals, as we might see something similar play out in the near future with the PGMs (Platinum Group Metals) and buyers in China.

We could see some profit-taking today, following yesterday’s market rally behind Silver (left) and copper (right).

Local Stocks

Prosus (PRX)

Prosus released a voluntary trading update today, with a variety of announcements, such as an ongoing portfolio cleanup and interest in high-margin platforms. We intend to keep an eye on the company for now, as it is difficult to fully gauge the company’s immediate direction.

MTN Group (MTN)

MTN Group’s recent quarterly update has shown 21.1% growth. However, the overwhelming majority of it appears to come from outside of South Africa, with the likes of MTN Nigeria (MTNN) and MTN Ghana (MTNGH) seeing anywhere between 14% and 41% growth.

Earnings

Today is somewhat uneventful on the earnings front, especially compared to tomorrow’s schedule. Nonetheless, here are some notable earnings, starting with those scheduled for the pre-market.

JD.COM (JD)

JD is the largest online retailer in China and one of the largest companies globally. Its earnings is scheduled for today’s pre-market.

Oklo (OKLO)

Oklo is an American nuclear power company, specialising in radioisotopes and nuclear reactor development. The company’s earnings is scheduled for the after-market today.

Start your trading journey with us today!

We’re posting on TradingView, we’re posting on our blog… but the real magic happens in our client community where you can get access to our ideas as they develop. So, open your account and join us and start taking advantage of South Africa’s Top Broker for both Active Traders and Traditional Investors. We have a Discord server, with a Daily Morning Call at 08:30 (Monday – Friday), where our Trading Strategist shares market updates and posts information with the Community. If you are not trading with us yet, what’s stopping you?

*Please note that these trade ideas form part of a larger weekly plan and the value of financial products can increase as well as decrease over time, depending on the value of the underlying securities and market conditions. The risk of loss arising from trading in Contracts for Difference can be substantial. You should carefully consider whether such investments are suitable for you in the light of your circumstances and financial resources.