- 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.
![[TOP STORY] Caxton vs Mpact: The wheels grind slowly](https://www.moneyweb.co.za/wp-content/uploads/2014/07/Caxton-Printing-presses-56-Large-230x153.jpg)
COMMENTS 0
Comments on this article are closed.