FTSE/JSE Capped SWIX The local equity market returned 12.6% over the quarter driven predominantly by the strong rally in Resources (+18.8%). Platinum Group Metals (PGMs) had a particularly strong March, due to a deeper deficit in Rhodium and Palladium. Continued strength in iron ore and copper boosted mines further. Industrials contributed 12.9% followed by financials with 2.3%. Listed property earned 6.4% over the quarter adding to its rebound off a very depressed base.