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Local markets review

Published by Spirit News on May 30, 2024

Adrian Meager, Orion Investment Managers Managing Director and Chief Investment Officer explains.

The local market trended firmer, up by 2.1% for the month, led by resources, with the sector up by over 7% for the month. This was followed by financials, up by 0.5% for the month, industrials up by 1%, and the property sector down by 2.3%. Some of the top performing shares were Naspers and Prosus, up by 6.7% and 7.4% respectively, predominantly on the back of a strong Tencent performance, which was up by 14% for the month in a strong China market.

On the resources side, BHP group pulled lower by 3.4% for the month after its hostile bid for Anglo American was rebuffed, with the latter up 32.6% on the back of the offer. Capitec was also up 11% for the month.

March headline CPI printed softer at 5.3% YoY compared to the February print of 5.6% YoY, while core CPI, which excludes food and energy, dropped to 4.9% YoY from the previous reading of 5.0% YoY in February, thus bringing it closer to the SA Reserve Bank’s 4.5% midpoint of its 3-6% target band. Retail sales decreased 0.8% YoY in February, on the back of a revised 2.0% YoY contraction in January, continuing to highlight the depressed local consumer environment.

Meanwhile the SARB continues to view exchange rate risk as a key source of inflationary pressure through its impact on imported goods. Consensus opinion for April shows a more cautious view regarding the SARB’s inflation risk expectations, signalling a revised expectation of two interest rate cuts for the year from three it noted in March.

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Part of The Spirit Organisation