Sanlam Private Wealth Morning Digest 16 October 2019

Local Markets

After getting off to a strong start, the JSE managed to end firmly higher during the previous session. By the close, the All Share had added 0.64% as it moved to settle at 55,573.80 index points, marginally outperforming a 0.57% uptick in the Top 40. The financial index featured among the top performers, up 0.86%, while the industrial index received some support from a 4.85% rally in Sasol after it announced that it has completed its review into cost overruns at its US-based Lake Charles project. On the downside, the gold mining index ended lower once again after it lost 1.54%. Finally, EOH and PSG added 4.4% and 1.08% respectively after releasing their latest results.

American Markets

Wall Street closed at its highest level in more than three weeks yesterday, buoyed by the release of a number of upbeat quarterly results while investors also continued to digest the implications of a partial US-China trade deal. By the close, the NASDAQ had added 1.24%, while the S&P 500 and Dow Jones gained 1% and 0.89% respectively. Among specific shares, UnitedHealth surged 8.16% after it published better-than-expected results, while JPMorgan Chase, Wells Fargo, Citigroup and Morgan Stanley added 3.01%, 1.7%, 1.4% and 0.31% respectively after they also issued their results. Finally, the US earnings season continues today with yet more companies scheduled to release their results.