Market Overview

The following is a partial recap of the market analysis shared during today’s morning Discord call.

Today’s market opens with both equities and commodities in the green as rumours of a 10-day ceasefire between the U.S. and Iran hit the street, with delegates travelling in Pakistan. The U.S. market, meanwhile, seems to be slowly moving up again, as the S&P 500 found support at 7480 points yesterday. But overall, yesterday’s session was predictably quiet. Interestingly, the semiconductors started the day up but ended flat by the end of the session, while software started down but made a comeback.

Gold

Gold starts the day with relatively large gains, following two days of sideways movement. This should bode well for gold miners, as the likes of AngloGold (ANG) and Harmony (HAR) are in a prime position to bounce. While today’s gains in the gold market are not enough to change the current trend, it’s likely to help the previously mentioned gold stocks bounce. We could also see flows out of Naspers (NPN) and Prosus (PRX) into the metal space, but especially gold. As a result, we see gold as the main play this morning, with the PGMs (Platinum Group Metals) as a somewhat distant second.

Local Stocks

South32 (S32)

South32 is a standout performer in the diversified miners, with it starting at roughly 6.6% in the green today. We expect it to perform well on our side as well, especially with copper prices in the green.

Valterra (VAL)

Valterra is interesting, as it was upgraded by Berenberg today, with a new target price of £75, while RBC Capital gave it a cut, with a target price of £72. But considering the moves in the commodity market, we expect it to perform well today.

Sasol (SOL)

Sasol released its production update this morning, displaying overall good numbers. If you’re playing with Sasol, we recommend keeping a close eye today, as it could continue going up, or the market could use this as an opportunity to get out.

Aspen Pharmacare (APN)

Canada approved Aspen for a diabetes medication by the name of Semaglutide. The company has been on an upward trend for some time now, making higher lows since around February of this year. We see R160 as the next big level to look out for, as we could test it once again today, and further moves to the upside would be in the cards if Aspen passes that level.

Earnings & Economic Data

Pre-Market Earnings

General Motors (GM)

General Motors is the largest car manufacturer in the U.S., owning famous brands like Chevrolet and Cadillac. The company also has various subsidiaries in other industries like aircraft, chemicals and arms manufacturing.

Economic Data

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