Sanlam Private Wealth Morning Digest Wednesday 15 August 2018

American Markets

Wall Street recovered some of its recent losses on Tuesday, supported by improved sentiment regarding Turkey. The NASDAQ led the region’s gains, with the index adding 0.65% to close the session off at 7,870.89 index points. The NASDAQ was affected by a 2.46% decline in Tesla following reports that the group has formed a special committee to review any proposals aimed at taking it private. The S&P 500 followed close on its heels after it added 0.64%, with the index bringing an end to its recent run of losses. Finally, the Dow Jones added 0.45%, helped along by a 3.28% increase in Walgreens and a 1.56% uptick in McDonalds.

Local Markets

A stronger rand weighed on local markets yesterday, while investors continued to digest the implications of the turmoil in Turkey. The JSE All Share index lost 0.48% as it moved to close at 57,608.9 index points, outperforming a 0.52% decline on the Top 40. The gold mining index led the losses, with the index slumping a massive 6.04%. The platinum mining index also ended lower, down 2.2%, while the industrial index was affected by a 2.06% decline in Naspers. The rand provided some support to banking shares, with the index adding 1.98%. Lastly, general retailers also ended firmly higher, up 1.84%, followed by a 1.1% increase among property shares.