Market Overview
The following is a partial recap of the market analysis shared during today’s morning Discord call.
The market remains more or less in the red as we reach the end of the week. Most of the metal space will start the session lower than where they ended the last session, with palladium continuing to decline, while copper has dropped by approximately 5% from its latest peak on Tuesday. As a result, miners are expected to take a hit this morning, putting pressure on our market as well.
Tencent (700)
Tencent has been able to slow its decline and move sideways, and well within the predicted range, which makes it more likely for the company to move up again in the future. This also impacts Naspers (NPN) and Prosus (PRX), as Tencent’s flat opening is likely to slow down all the selling the two have experienced since Wednesday.
Local Stocks
Clicks (CLS)
Clicks has been trading at higher-than-usual volumes lately, presumably due to a seller trying to quit the stock. With futures closing out in two weeks (Wednesday, 17th June), it’s possible to see even more strange movements, as sellers could use that event to get out and buyers to come in afterwards, or the mirror opposite.
Foschini (TFG)
Foschini has earnings today, which usually takes place in the afternoon. With their recent performance in mind, we’re not expecting any fireworks.
FirstRand (FSR)
FirstRand saw massive volumes of sells and buys yesterday at around the R91 mark, following the sale of their UK business. We speculate that if it manages to hold the R90, there’s a good chance of going up to R94; otherwise, it will likely drop down to R88.
Economic Data
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