Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Commodities

<ul>
<li>Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.</li>
<li>Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.</li>
<li>Platinum prices to remain flat for foreseeable future, but others in the basket may climb (<em>e.g</em>. palladium).</li>
</ul>


Global platinum demand declined ~18% in the past decade, with the consumption nadir will be reached during 2025.
Decline in diesel vehicle sales have plateaued, with Industrial/chemical demand to exceed autocatalyst by 2035.
Platinum prices to remain flat for foreseeable future, but others in the basket may climb (e.g. palladium).


Platinum Demand to Grow from 2025 Onwards

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners Index represents the performance of small-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.</li>
<li>Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025. </li>
</ul>


The MV Junior Gold Miners Index represents the performance of small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025. 


[Quiddity Index Jan25] MV Junior Gold Miners Index Mar 25 Rebal: Multiple Adds, 4.4% 1-Way Turnover

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul>
<li>On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).</li>
<li>OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.</li>
<li>Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.</li>
</ul>


On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).
OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.
Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.


JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Event-Driven

<ul>
<li>Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).</li>
<li>Turnover at the June rebalance was R58bn, 66% traded in the closing auction.</li>
<li>Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.</li>
</ul>


Last week Friday, JSE indices were rebalanced in the closing auction. Turnover for the day was R53.7bn, R37bn traded in the closing auction (68%).
Turnover at the June rebalance was R58bn, 66% traded in the closing auction.
Foreign activity in MRP on Friday suggests that there was a large buyer, despite muted index weight changes.


JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

<ul>
<li>On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.</li>
<li>There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.</li>
<li>Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.</li>
</ul>


On Friday in the closing auction, JSE indices will be rebalanced. PPH will enter the Top 40, with AMS falling out.
There are also a number of changes to the ALSI index – PHP &amp; PMR will be added, with THA &amp; TCP falling out.
Hedgers and passives tracking uncapped indices will be sellers of Naspers and Prosus whereas those tracking the capped variants will be buyers.


JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

South Africa

Anglo American Platinum Limited is the holding company for a group of companies which operate platinum mines.  In addition to platinum, the Group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper, and cobalt.

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Anglo American Platinum (AMS SJ)

Platinum Demand to Grow from 2025 Onwards

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

[Quiddity Index Jan25] MV Junior Gold Miners Index Mar 25 Rebal: Multiple Adds, 4.4% 1-Way Turnover

The MV Junior Gold Miners Index rebalances twice a year. It is an interesting index as it has an upper cutoff AND caps. For March, there's one...

Travis Lundy

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

A summary of trade analytics for the September rebalance. Foreign activity suggests a large buyer in MRP. PPH entered the Top 40, AMS fell out.

DMA

JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

An overview of the top buys and sells going into the JSE September rebalance on Friday. AGL & CFR are amongst the top sells, resulting from a...

DMA

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Platinum Demand to Grow from 2025 Onwards

​Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...

Gaius King

[Quiddity Index Jan25] MV Junior Gold Miners Index Mar 25 Rebal: Multiple Adds, 4.4% 1-Way Turnover

The MV Junior Gold Miners Index rebalances twice a year. It is an interesting index as it has an upper cutoff AND caps. For March, there's one...

Travis Lundy

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

JSE Sep24 Rebalance: Foreigners Bid up MRP, PPH Trades 11 Times ADV

A summary of trade analytics for the September rebalance. Foreign activity suggests a large buyer in MRP. PPH entered the Top 40, AMS fell out.

DMA

JSE Sep24 Rebal: Foreign Inward Listings Amongst Top Sells, PPH to Enter Top 40, AMS to Be Deleted

An overview of the top buys and sells going into the JSE September rebalance on Friday. AGL & CFR are amongst the top sells, resulting from a...

DMA

Global platinum demand has stopped falling, with industrial and chemical demand is expected to surpass autocatalyst in 2035. Though prices may...