Hello Voornaam,
This is the third Ingham Analytics weekly research summary, highlighting what has been recently published and what has been among some of the most read notes in the past few weeks or months.
At this trying time of COVID-19 and the economic and financial ramifications resulting from government actions around the world to shut down economies, we're striving to keep our analysis current, contextual and helpful to both traders and long-only investors.
The JSE has been hit particularly hard and whilst the All Share Index has recovered from lows in late March it is still down 14% in rand and a hefty 36% in US dollars. The All Share though hides the fact that certain sectors (not least banks) have been hit particularly hard. Banks analysis has been a recurring theme for several months with our caution well-founded not just on pre COVID-19 considerations, local fault lines, but even more so now, the fallout from COVID-19 measures.
In roiling markets, be that equity, credit, foreign exchange, commodities or derivatives, we as a team are directly in the thick of it. We have skin in the game, ensuring we are aligned with you.
As we wrote in our second and previous letter, the circulation is already substantial with significant open rates. March was a record month for new registrations, orders and page views on the website, which continued into April. We once again thank you all for visiting us. We welcome your suggestions and comments online and we have been gratified to have received several kind and constructive messages.
The titles of the notes are created to get our message across at a glance - the title should hopefully be intriguing and portray a clear sense of what our purpose is.
For example, notes entitled "A negative endowment" (to do with banking), "The volatility of low volatility" (on why traditionally lower volatility shares that have less risk historically haven't escape unscathed), "Whose telling fibs, equity or credit?" (unpacking the links between the equity and credit markets), the two parts of "The Market's Twin Towers" (liquidity and volatility in markets) or "The JSE All Share isn't alone, and neither is the rand" (giving international context to the JSE and the rand). Our views on Sasol seem to be particularly popular ("What a gas" last month and "A raw state" this past week).
Until next time. We hope that you and your families are making the best of a tough situation for us all. |
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| Latest research notes published this week |
| The eurozone members are squabbling among themselves (yet again) around the economic and financial fallout of coronavirus. South Africa is not alone in having disparities. The... |
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| | In their previous note on Sasol (What a gas) Ingham Analytics said they has factored in breakeven this year for Lake Charles Chemicals Project and doubted... |
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| Ingham Analytics has recently issued two notes under the The Markets Twin Towers title followed up by Earnings, Earnings, Earnings - What will you pay for... |
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| | The Ingham Analytics note on South African banks entitled COVID-19 coup de grace for banks was well-timed and a popular note for readers. Now, they have... |
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| Ingham Analytics has recently issued notes on liquidity, The Markets Twin Towers Part 1: Liquidity (31 March 2020), and volatility, The Markets Twin Towers Part 2:... |
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