Quarterly Reports
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 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 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…
Read More2024 FIRST QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market was up 6.92% over the fourth quarter of 2023. Resources were flat over the quarter whilst financials performed exceptionally well, delivering over 11% for the quarter. Chart: Performance of the FTSE/JSE All Share Index over the past ten years (2014/01/01 – 2023/12/31) Source: Trading economics…
Read More2023 FOURTH QUARTER COMMENTARY
LOCAL MARKETS IN A NUTSHELL The South African stock market fell -3.48% over the third quarter of 2023. Industrials being the hardest hit, down -4.9% over the quarter. Chart: Performance of the FTSE/JSE All Share Index over the past ten years (2013/10/01 – 2023/09/30) Source: Trading economics The local market was off to a great…
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