Avior Financials | Investment banking fees | Insurance valuations update | Unit trust returns | JSE trading stats
In this week's Avior Financials note:• The REFINITIV H1 '19 Sub-Saharan Africa report on investment banking activity showed a slowdown in deal fees as overall fees declined 19% y/y in USD (-6% in ZAR) – a lower rate of decline than Q1 '19 (-24% y/y). In line with Q1 ‘19, Standard Bank and Investec were the top performers for deal fees in H1 '19.
• The SA insurance sector has outperformed the JSE all share index on a one-year, three-year, five-year and ten-year view. We provide an update on the sector's valuation.
• We have analysed a sample of SA equity unit trusts returns. In Jun '19, all the funds underperformed the Capped Top 40.
• The JSE Ltd's trading statistics show a 17.3% y/y decline in cash equity value traded YTD.
Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.
Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.
Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.
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