Market Overview
Today starts with a very red market, with much of the commodity space going down as the U.S. Dollar holds strong. We also see oil prices closer to pre-war levels, following further agreements between the U.S. and Iran, with mediators expecting a final deal within 60 days, which is also expected to allow Iran to export its oil more easily, as sanctions are at least partially expected to be removed.
We could also see Naspers (NPN) and Prosus (PRX) struggle again, with Tencent (700) dropping by another 4% today, bringing it to early 2025 levels amid general weakness in East Asian tech.
Semiconductors
The semiconductor manufacturers remain in the green despite near-universal weakness in the rest of the market, with the Philadelphia Semiconductor Index (SOX) reaching new all-time highs. This repeats the semis going up, in spite of market weakness. It’s worth noting that while the semiconductors may seem increasingly overextended, the collapse might not be in the cards just yet.
Local Stocks
Harmony Gold (HAR)
Harmony is one of the cheaper options out of the major dual-listed gold miners, with a decent performance overall. We see it as one of the better gold options if you want the biggest bang for your buck.
Glencore (GLN)
In the same vein, Glencore is one of the easier stocks to invest in, if you’re interested in a more diversified miner, which can be a safer bet in uncertain times.
Earnings & Economic Data
After-Market Earnings
FedEx (FDX)
FedEx, formerly Federal Express, is a multinational transportation service based in America. It’s worth noting that FedEx Freight (FDXF) -which is a separate company specialising in transporting smaller parcels- will also have its earnings later this week.
Economic Data
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.
