The local market trended weaker during December – down 2.4% – which constitutes a swift turnaround from the almost 13% gain made in November and delivering a decline of 0.9% for the year. The best performing index for the month was property, closing up 0.6%, yet down 7.3% for the year, while financials were weaker by 5.3% for the month, but still higher by 5% for the year. The resources sector ended the month lower by 3.6% and down for the year by 0.2%, while industrials closed the month down by 0.2% and the year weaker by 5.4%. Richemont rose by 1.4%, BHP Group was up 0.7%, while Naspers and Prosus were up 7% and 6.6% for the month of December. On the local economic front, CPI for November came in at 7.4%, vs the October reading of 7.6%, and the expected consensus reading of 7.5% y/y, thereby showing signs of inflation slowing. Sectors contributing to the inflation number were food, transport, and leisure; being up 12.5%, 15.3% and 8% respectively. Core inflation remained at 5% y/y, but with a moderate increase of 0.1% on a m/m basis. In addition, retail sales slowed for the month of October, declining by […]
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