Investor Communication
2026 FIRST QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL Over the quarter the FTSE/JSE All Share Total Return Index gained 8.1%. Financials gained 17.6% whilst the resource sector continued to shine, up 8%. Industrials were slightly negative over the quarter at -0.5%. South African Mid and Small Cap stocks (a proxy for South African-centric stocks) rose 8.7% for the…
Read MoreThe Gold Conundrum
Gold has become one of the hot topics in 2025 with its year-to-date price surge of around 60% in USD terms. Common questions that we are receiving from clients include the following: Clearly the rally in the gold price is raising more questions than answers and in such an event, one should step back and…
Read More2025 FOURTH QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL Over the quarter the FTSE/JSE All Share Index gained 12.9%, largely powered by an extraordinary 50.8% return in the resource sector, while Industrials rose just 3.7% and Financials were nearly flat at 0.3%. South African bonds returned 6.9% for the quarter. Once again outperforming its global counterparts (Bloomberg Global Aggregate…
Read More2025 THIRD QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL Delivering a strong 10.2% gain, the FTSE/JSE All Share Index saw solid increases across all sectors. Industrials led with an 11.8% rise, followed by Resources at 9.8%, and Financials at 8.5%. SA listed property continued its rally from the previous quarter delivering 10.8% (FTSE/JSE All Property Index), all in rand. South African…
Read More2025 SECOND QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market gained 5.9% over the quarter. Resources were up 15.8% whilst financials retraced -1.8%. Local South African centric stocks, commonly referred to as “SA Inc stocks” fell 6.4%. The local bond market also had a positive quarter, up 0.7%. Chart: Performance of the FTSE/JSE All Share…
Read More2025 FIRST QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market declined -2.2% over the fourth quarter of 2024. Resources fell -7.9% whilst financials retraced -1.3% over the quarter. Local South African centric stocks, commonly referred to as “SA Inc stocks” rose modestly by 1%. The local bond market also had a positive quarter, up 1.3%.…
Read More2024 FOURTH QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market gained 9.61% over the third quarter of 2024. Resources fell -1.44% whilst financials recorded yet another staggering 13.46% over the quarter. Local South African centric stocks, commonly referred to as “SA Inc stocks” rose by 15.88%. The local bond market also had a positive quarter,…
Read More2024 THIRD QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market gained 8.19% over the second quarter of 2024. Resources were up 3.85% whilst financials recorded a staggering 15.38% over the quarter. Local South African centric stocks, commonly referred to as “SA Inc stocks” rose by 10.29%. The local bond market also had a positive quarter…
Read MoreReality After the Elections
It has been less than a month since the announcement of the results of the national election. Given the outcome of the ANC losing its majority for the first time in 30 years and the noticeable support that the MK party received, investors are understandably concerned about the implications going forward. There has been ample…
Read More2024 SECOND QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market fell -2.25% over the first quarter of 2024. Resources fell -3.26% whilst financials fell -6.13% the quarter. Chart: Performance of the FTSE/JSE All Share Index over the past ten years (2014/04/01 – 2024/03/31) Source: Trading economics Uncertainty over the upcoming election has driven a weak…
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