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June 2019 economic update

A round-up of economic and political news from last month.
  • President Cyril Ramaphosa presented his first State of the Nation Address (Sona) following the conclusion of the sixth general election, in May. It focused on some of the following positive points: reduction in mobile data costs, human capital investment, better healthcare for all, rehabilitation of Eskom, job creation and on growing South Africa’s economy.
  • The equity market advanced 4.8% for the month, recovering the losses experienced in May. All major sectors ended the month in the green.
  • The petrol price rose by 9 cents to the litre in June, but on a more positive note motorists can expect the price to drop by 96 cents to the litre in July.
  • The rand briefly breached R15 to the US dollar on June 6, following the ANC secretary-general Ace Magashule’s announcement that its National Executive Council (NEC) would like to broaden the South African Reserve Bank’s mandate.
  • Bitcoin breached the $13 000-mark as of June 26, on the news that technology giant Facebook is planning to launch its own cryptocurrency (Libra).
  • Following the G20 summit in Japan, US President Donald Trump and China’s President Xi Jinping are set to restart the US-China trade talks. Global markets supported this move, posting meaningful gains with technological stocks in demand. Although the news will offer some reprieve to the markets, the lack of clarity could see the market continue to remain cautious.

ADVISOR PROFILE

Michael Haldane

Global & Local Investment Advisors

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