• 2025 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%.…
  • 2025 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”…
  • 2025 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…
  • 2024 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…
  • 2024 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…
  • 2024 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…
  • 2024 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…
  • 2023 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…
  • 2023 THIRD QUARTER COMMENTARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market gained 0.66% over the second quarter of 2023. Chart: Performance of the FTSE/JSE All Share Index over the past ten years (2013/07/01 – 2023/06/30) Source:…
  • 2023 SECOND QUARTER COMMENTARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market gained 5.2% over the first quarter of 2023. Chart: Performance of the FTSE/JSE All Share Index over the past ten years (2013/04/01 – 2023/03/31) Source:…
  • 2023 FIRST QUARTER COMMENTARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market gained 15.16% over the fourth quarter 2022. The local stock market therefore returned 3.58% for the year. A relatively good ending to an otherwise very…
  • 2022 THIRD QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL After a disastrous second quarter, the South African stock market fell -1.92% over the third quarter. Despite this, on a year-to-date basis (01/01/2022 – 30/09/2022) the local stock market continues…
  • 2022 SECOND QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market fell sharply during the quarter as global recessionary fears have accelerated. The JSE All Share Total Return Index fell 11.69%, led once again by financials…
  • 2022-05-Market Update and Outlook-Managers Q&A
    2022-05-Market Update and Outlook-Managers Q&A If you are concerned about the volatility in your investments, we urge you to take five-ten minutes to read the first three pages of this report. We hope it will…
  • 2022 FIRST QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market was up during the quarter despite the global events which have transpired. The JSE All Share Total Return Index gained 3.84% led by financials and…
  • 2021 FOURTH QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market soared to new highs during the quarter. The JSE All Share Total Return Index gained 15.13% led by the resources sector. The phenomenal return of…
  • 2021 THIRD QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market was down marginally over the quarter led predominantly by resource stocks. The JSE All Share Total Return Index fell 0.84% over the quarter. Chart: Performance…
  • 2021 SECOND QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market was down marginally over the quarter led predominantly by resource stocks. The JSE All Share Total Return Index fell 1.07% over the quarter. Chart: Performance…
  • 2021 FIRST QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market was up over the quarter led predominantly by resource stocks. The JSE All Share Total Return Index gained 13.14% over the quarter. Chart: Performance of…
  • 2020 FOURTH QUARTER SUMMARY
    LOCAL MARKETS IN A NUTSHELL The South African stock market was up over the quarter led predominantly by resource stocks. The JSE All Share Total Return Index gained 9.39% over the quarter. Chart: Performance of…
  • API Third Quarter Summary 2020
    LOCAL MARKETS IN A NUTSHELL The South African stock market was up over the quarter led predominantly by resource stocks. The JSE All Share Total Return Index gained 1.75% over the quarter. Chart: Performance of…
  • API Second Quarter Summary 2020
    LOCAL MARKETS IN A NUTSHELL The South African stock market participated in the global rally over the quarter, posting its best quarterly performance since the Dot-com Bubble burst in 2001. The JSE All Share Total…
  • API First Quarter Summary 2020
    LOCAL MARKETS IN A NUTSHELL Local equity markets had a very poor performance in the first quarter of 2020, in response to the Coronavirus pandemic. The JSE All Share Total Return Index fell by 21.4%…
  • Budget Speech Summary
    The much-awaited 2020 budget speech was arguably one of the most important budget speeches in South Africa’s recent history. Much can be said about the woes that the country faces both economically and socially after…
  • API Quarter 3 Summary 2019
    LOCAL MARKETS IN A NUTSHELL Local equity markets dropped in the third quarter following their recovery in the first half of 2019. The JSE All Share Total Return Index fell by 5% over the quarter,…
  • Ian Smith
    Offering a complete financial planning service of the highest standard has been a driving force in Ian’s interaction with clients, many of whom are now third-generation clients.