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WATCH: October 2019 Economic Update

Equity markets gained 3.1% in October which was led by a rally in the Resources sector.

 

  • Equity markets gained 3.1% in October which was led by a rally in the Resources sector.
  • Resources and Financials appreciated 7.3% and 3.3% respectively.
  • On November 1 2019, Moody’s decided to keep South Africa’s international long-term credit rating unchanged but revised the outlook from stable to negative. This was expected by the market following the release of the very grim mid-term budget on October 30.
  • The very grim mid-term budget speech had a negative impact on bonds, losing 1.6% on the day, and finishing the month down 0.3%.
  • The rand ended the month marginally stronger, up 0.7% against the dollar, despite the very grim mid-term budget and Eskom re-introducing load-shedding.
  • Only seven of the Top40 stocks ended the month in red, with Naspers being the worst-performing share declining 6.5% for the month.
  • We started the month of November on a high and are very proud of the Springboks for their outstanding performance on Saturday. We are delighted that they will be bringing home the 2019 Rugby World Cup trophy.
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Michael Haldane

Global & Local The Investment Experts

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