South African Market:
The All Share Index ended the month down by -0.4% in May taking the return for the year to date to a satisfactory 7.1%; although the local market has still not breached the previous high that it set on 24th April 2015.
The strength of the Rand continued to be the dominant theme last month, reaching a high of R12.88 to the US Dollar on rumours that the ANC’s national executive committee may remove Zuma. This current strength, despite the recent ratings downgrades, is almost certainly attributable to the net buying by foreign investors of R23.2 billion of South African bonds during April and May.
MARKET UPDATE: GLOBAL EQUITY MARKETS CONTINUE THEIR UPWARD MARCH MAY 2017
South African Market:
The All Share Index ended the month down by -0.4% in May taking the return for the year to date to a satisfactory 7.1%; although the local market has still not breached the previous high that it set on 24th April 2015. The strength of the Rand continued to be the dominant theme last month, reaching a high of R12.88 to the US Dollar on rumours that the ANC’s national executive committee may remove Zuma. This current strength, despite the recent ratings downgrades, is almost certainly attributable to the net buying by foreign investors of R23.2 billion of South African bonds during April and May.