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January 2019 economic and market update

The best-performing shares in January were financial services.

2018 was an extremely tough year, but year to date the markets have bounced back nicely.

Here are some of the month’s highlights:

  • In December the US Benchmark S&P 500 Index fell 9.2% – its worst December return since 1931.
  • US stocks however recovered its December losses, rising 7.9% on the back of better than expected earnings results; this was its best January since 1987.
  • The South African equity market continued to rally in January, gaining 2.8%, with the best-performing asset class being property, which rose 9.2% after its shocking performance last year.
  • The US Federal Reserve gave South Africa a little present at the end of January, as it signalled a more dovish stance with a decision to keep interest rates unchanged.
  • With the news of the unchanged rate, the rand strengthened 7.6% against the US dollar and so it’s trading at a much better level.
  • The best-performing shares in January were financial services, as can be expected, with a stronger rand environment. It returned 5.9% in January.

 

Disclaimer: All values and calculations were calculated by Global & Local’s technical department and can therefore differ from official figures.

ADVISOR PROFILE

Michael Haldane

Global & Local Investment Advisors

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