UPDATE ON MARKETS: Man! I'm glad I didn't advice investors to cash in all they're local equity investments a year ago to invest abroad. #JSE improved by 1.6% during March, bringing 12-month returns to 54%. SA Property followed by gaining 1.2%, while the SA Bonds decreased 2.5%.
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The FTSE/ JSE All Share (+3.82%) again enjoyed a much better month than the MSCI All Country World Index (+2.67%) again in USD terms. The 12-month performance for the JSE in USD-terms still leads the MSCI ACWI’s performance by nearly 32%. Wow!
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South African Small Caps again dominated during March, growing by 7.7%. Large Caps and Mid-Caps grew by 1.3% and 3.4%, respectively.
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Foreigners returned as net buyers of South African Equities in March. They were however net sellers of local bonds, which might be contributed to the higher US Yields.
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From a sectoral point of view, March saw the Sectors very evenly matched.
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The Rand’s value AGAIN strengthened by 2.2% against the USD. This was a positive move as ALL other BRICS currency movements weakened against the USD. This helped the Rand to further extend its lead as best performing BRICS currency position over a 5-year period.
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The US M2 Money Supply YoY growth rate reached a new all-time high for the tenth time since early 2020.
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The US Dollar Index broke above its 200-day Moving Average, with the 50-day moving closer and closer to the 200-day. Will be monitoring a possible Golden-cross in April, which could be positive for the USD technically.
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Most commodities took a breather in March. Brent Oil was the biggest loser, losing 3.9%. Palladium however bucked the trend, by gaining a whopping 11.1% over the same period.
HAPPY EASTER EVERYONE!
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