Market Overview
The following is a partial recap of the market analysis shared during today’s morning Discord call.
Yesterday’s market started in the green, only for it to drop past the lower weekly levels and make a slight comeback near the evening. Interestingly, the same movements occurred in oil, suggesting the downward moves were part of broad selling across most of the market. We also heard news of further strikes in the Middle East, with antagonising rhetoric from both sides, which contributes in part to our belief that the selling will likely continue into today.
Apple (AAPL)
Apple’s stock began dropping on Monday, after a disappointing Siri A.I. announcement on Sunday. It dropped by roughly another 3.5% yesterday. With the company breaking several previous lows, we speculate that it has more room to drop, with the $280 mark likely being in the cards for Apple.
Local Stocks
Naspers (NPN) & Prosus (PRX)
Naspers and Prosus benefited greatly from Tencent’s (700) performance yesterday. With Tencent surprisingly opening with over 2.5% in the green, we expect Naspers to break through R900, and Prosus to test the R780 level.
From left to right: Naspers (NPN), Prosus (PRX), and Tencent (700).
Mondi (MNP)
Mondi continues to struggle and is set to underperform according to BNP. This, added on top of Mondi’s replacement in the FTSE100 by Investec (INP), might make it worth selling now and buying after its exclusion.
Earnings & Economic Data
Today’s most interesting events are the Core CPI and Oracle earnings reports, both of which take place in the afternoon.
Pre-Market Earnings
After-Market Earnings
Oracle (ORCL)
Oracle is an American tech-software company that provides software for a variety of tasks and applications. Its earnings can be influential on the broader software market.
Economic Data
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