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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.

ADVISOR PROFILE

Michael Haldane

Global & Local Investment Advisors

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