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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
- SA's Top40 Index slipped deeper into the red this morning, led lower by index heavyweight Naspers after China's Cyber curbs hit Tencent stock – dragging the stock -2.9% lower at the open.
- Early gains in miners on firmer PGM prices were insufficient to offset Naspers' substantial weighting in the index.
- Foreign outflows were sustained for a 20th consecutive session on Friday, reaching $1.63bn since the outflows began on 04 June.
- Having been the key outperformer vs Russia & Turkey in the early part of the year given low inflation, an accommodative SARB and high PGM prices, the Top40 has given up its top spot to Russia's MOEX index since the start of June.
- SA's Top40 is now +10.43% YTD, vs +17.58% YTD in the MOEX & -6.16% in the Bist100.
- The Top40 remains within its broad consolidation pattern, having peaked marginally below 64k in March (+6.17% above current levels).
- Price action is still capped by the 100 & 50dmas, which have recently confirmed a bearish crossover.
- RSI momentum remains marginally bearish below 50 at 44.32. Support seen below at 58k if 60k support cannot hold.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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