September 9, 2025

Market commentary  Local equities gained +22.9% year to date, supported by broad-based gains across all sectors.  The Resources sector was the stand-out performer over the period, posting a +72.9% rally after a -7.2% fall in 2024.  The Industrials sector added +18.0%, followed by Listed Property at +13.4% and Financials at +8.7%. Local political developments shared some of the spotlight over the eight-month period.  Despite earlier disagreements over the National Budget and VAT rate, the Government of National Unity (GNU) eventually managed to successfully negotiate and pass a revised fiscal framework during the quarter, offering investors some reassurance.  Investor sentiment was further lifted following President Ramaphosa’s diplomatic visit to the United States, where he and opposition leader John Steenhuisen (DA) demonstrated a united front in discussions with U.S. President Trump. South Africa’s economy stagnated in the first quarter of 2025, recording... Read More