Market Overview
The following is a partial recap of the market analysis shared during today’s morning Discord call.
Friday saw an unusual downward movement in the U.S. tech industry, with Nasdaq dropping 5% and the S&P 500 falling well below 7400. points. This is likely due to Friday’s nonfarm payrolls report, which started the selling as expectations of rate hikes increased. Meanwhile, the commodity market starts the day in various shades of red, with the exception of oil, following a back-and-forth exchange of strikes between Israel and Iran. Another important development since Friday’s session is that Fitch raised South Africa’s rating to stable, which should be something of a silver lining amidst the gloomy news.
Gold & Platinum Group Metals
Gold and the PGMs were virtually dragged over the coals, with gold miners like Harmony (HAR) and AngloGold Ashanti (ANG) breaking previous swing lows, and further drop being highly likely across the board. PGMs suffered similarly, with a turnaround looking unlikely without a change in the struggling metal space as a whole.
Left: Gold, Right: Platinum
Anheuser-Busch (ANH)
Anheuser-Busch, the parent company of popular beer brands like Budweiser, could benefit greatly from the upcoming World Cup games, especially with the extended format in place. It could be worth keeping an eye on.
Local Stocks
Foschini Group (TFG)
Foschini had a great day on Friday, following its earnings, and with news of increased focus on online sales, we could see notable reductions in their operating costs.
Bid Corp (BID)
While swing trading can be a bit difficult, following a day like last Friday, Bid Corp has shown a very consistent pattern of finding resistance around the R420 mark and support around R400.
Economic Data
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