JSE Direct with Simon Brown

Market Standard 15 June 2020

June 15, 2020

Offshore

/ China's PPI down 3.7% in May and factory output rises less than expected, retail sales continued to contract in May.

/ Fed kept interest rates flat and cautioned they expect conditions to remain tough into 2022. GDP 5% in 2021 and unemployment 5.5% in 2022

o S&P500 dropped -4.8% last week but remains +8.1% this month,
o Nasdaq dropped -2.3% last week but remains +6.4% this month,
o FTSE 100 dropped -5.9% last week but remains +5.3% this month,
o JSE Top 40 Index dropped -1.9% last week but remains +5.8% this month,

/ We’re starting to see the second Covid-19 wave in both the USA and China and this spooked markets. Detroit, Michigan is seeing new all-time case highs

/ Mnuchin says ‘we can’t shut down the economy again’

/ UK economy contracted by 20.4% in April, the largest monthly fall on record

/ Justeat-takeaway buys GrubHub

Local

/ The Rand hit 16.33 overnight on Wednesday but then came under serious pressure at 17.20 on Friday.

/ Solid Multichoice results and first dividend payment as sports starts to resume.

/ Tsogo Sun Gaming results show debt of over R11billion. Casino industry wants to re-open ASAP

/ Solid Sygnia results


/ Sasol Draws Multiple Bids for Stake in U.S. Chemical Site

/ Hyprop update shows good recovery after the hard lockdown of April. Still opens below 100%, but looking better
Hyde Park Corner 67%
Rosebank Mall 76%
Canal Walk 85%
The Glen 85%
Woodlands Mall 85%
Clearwater Mall 88%
Capegate 89%
Somerset Mall 92%
Atterbury Value Mart 97%

Foot count at Hyprop’s malls:
March 2020 Down 24%
April 2020 Down 71%
May 2020 Down 39%
June 2020 (seven days) Down 24%

/ JSE Index balancing this Friday, Redefine is exiting both the Top40 and Fini15 to be replaced by Exxaro and Quilter respectively.

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British Airways is auctioning off art worth millions as pandemic weighs on earnings

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