Financial News 13th February 2023

Market Overview
The FTSE/JSE All Share closed last week at 78 985.35, decreasing by 1.56%. The technology and consumer discretionary sectors were the best performing increasing by 1.18% and 0.42% respectively. The oil & gas and basic materials sectors were the biggest detractors, decreasing by 5.88% and 3.63% respectively.

Looking at the MSCI indices, developed markets decreased by 1.27% during the previous week while emerging markets decreased by 2.40% over the same period.

SONA falls flat
During the State of the Nation Address, Cyril Ramaphosa emphasised the risk that insufficient energy supply poses to growth and investment in the economy. The stand-out announcement from the address was the declaration of South Africa’s energy crisis as a national state of disaster.

Investors were however not impressed, after the dust settled the JSE All Share and the rand lost ground. This indicates that stakeholders are no longer swayed by promises and acknowledgments of shortcomings, the ANC will have to start producing results.

Here are the answers to the 10 most Googled questions about investing
The Internet’s most Googled investing question is “How do I invest in cryptocurrency?”, new research has revealed. The study by Investing Reviews analysed thousands of investment-related search terms to see which is Googled the most, with the most common phrase questioning how to invest in cryptocurrency. Read the full article here>

Rand on back foot as US dollar strengthens
The rand was on the back foot in early trade on Monday, as the dollar firmed on investor bets that the US Federal Reserve would keep monetary policy tight for longer. Read the full article here>

Gold subdued on firmer dollar and higher Treasury yields
Gold prices edged lower on Monday on a firmer dollar as investors squared positions before US inflation data that could influence the Federal Reserve’s rate-hike road map. Read the full article here>

Construction industry encouraged by infrastructure development progress
South Africa’s construction industry is encouraged by the progress being made with the implementation of infrastructure projects and the plans to professionalise the public service. Read the full article here>

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