South Africa 40 Cash Index: look ahead
The South Africa 40 cash Index is extending gains although trades deep within overbought territory.
The South Africa 40 Cash Index has continued to gain and now break through the 72840-resistance target. Gains are now being extended with 74180 the next upside target favoured from the move.
Traders who have continued to back long positions in line with the longer-term uptrend in place might consider trailing their respective stop losses to (a close below) the 72840 level. Alternatively trailing a stop with the dotted black trend line on our chart might be a consideration as well.
The stop loss level is now tracked quite tightly to the price as we now trade in overbought territory for an extended juration. As mentioned previously, the overbought signal is not considered an indication to trade against the prevailing trend although does caution trade at this point.
Cash adjustment / dividend
The South Africa 40 Cash Index is expected to undergo a cash adjustment estimated at 59.5 points in line with the underlying index dividend on Tuesday the 18th of April 2023 (close of JSE).
Client Sentiment
As of Tuesday the 18th of April 2023, the majority (85%) of IG clients with open positions on the South Africa 40 Cash Index expect the price to fall, while 15% of clients with open positions expect the price to rise.
Key macro data this week
Date | Time | Region | Event | Previous |
---|---|---|---|---|
19 April 2023 |
8:00am |
GBP |
CPI y/y |
10.40% |
19 April 2023 |
1:00pm |
ZAR |
Retail Sales y/y |
-0.80% |
20 April 2023 |
2:30pm |
USD |
Unemployment Claims |
239K |
21 April 2023 |
9:15am |
EUR |
French Flash Manufacturing PMI |
47.3 |
21 April 2023 |
9:15am |
EUR |
French Flash Services PMI |
53.9 |
21 April 2023 |
9:30am |
EUR |
German Flash Manufacturing PMI |
44.7 |
21 April 2023 |
9:30am |
EUR |
German Flash Services PMI |
53.7 |
21 April 2023 |
10:30am |
GBP |
Flash Manufacturing PMI |
47.9 |
21 April 2023 |
10:30am |
GBP |
Flash Services PMI |
52.9 |
21 April 2023 |
3:45pm |
USD |
Flash Manufacturing PMI |
49.2 |
21 April 2023 |
3:45pm |
USD |
Flash Services PMI |
52.6 |
Upcoming local company news
Start Date | Company Name | Event Type |
---|---|---|
19 April 2023 |
Zeder Investments Ltd |
Earnings Releases |
19 April 2023 |
Absa Group Ltd |
Ex-Dividends |
19 April 2023 |
ADvTECH Ltd |
Ex-Dividends |
19 April 2023 |
Bell Equipment Ltd |
Ex-Dividends |
19 April 2023 |
Brimstone Investment Corporation Ltd |
Ex-Dividends |
19 April 2023 |
Remgro Ltd |
Ex-Dividends |
19 April 2023 |
South Ocean Holdings Ltd |
Ex-Dividends |
19 April 2023 |
TeleMasters Holdings Ltd |
Ex-Dividends |
19 April 2023 |
Resilient REIT Ltd |
Ex-Dividends |
19 April 2023 |
CoreShares Index Tracker Managers (RF) Pty Ltd |
Ex-Dividends |
19 April 2023 |
Absa Bank Ltd |
Ex-Dividends |
19 April 2023 |
Thungela Resources Ltd |
Ex-Dividends |
20 April 2023 |
Clicks Group Ltd |
Earnings Releases |
21 April 2023 |
Standard Bank Group Ltd |
Sales/Trading Stmt Releases |
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