Market Overview and Indicators (week ending 18th November)
The FTSE/JSE All Share closed last week at 72 576.86, decreasing by 0.56%. The technology and consumer staples sectors were the best performing increasing by 7.20% and 1.82% respectively. The health care and basic material sectors were the biggest detractors, both decreasing by -3.25% during the week.
Looking at the MSCI indices, developed markets decreased by 0.50% during the previous week while emerging markets increased by 0.80% over the same period.
S&P affirms SA’s ratings, keeps a positive outlook
On Friday night, Standard & Poor’s kept South Africa’s credit ratings unchanged. Its outlook remains “positive”, which means that the next step could potentially be an upgrade. The US credit rating agency says that while load shedding and rail problems weigh on the economy, it expects that government interventions to increase private sector activity and reforms at some key state-owned enterprises could support stronger growth over the next two to three years. Read the full article here>
Good news for diesel prices in South Africa
The latest weekly estimates from the Central Energy Fund (CEF) point to petrol pain for motorists in December – but there is good news for diesel following months of steep hikes. Read the full article here>
Oil stuck near two-month low on China demand concerns and rising rates
Oil prices hovered near two-month lows on Monday as supply fears receded while concerns over China’s fuel demand and rising interest rates weighed on prices. Brent crude futures for January had slipped 28c, or 0.3%, to $87.34 a barrel by 3.03am after settling at their lowest since September 27. Read the full article here>
What to expect from the interest rate hike in South Africa this week
The South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) is meeting this week for the final time this year, with another rate hike expected to be announced on Thursday (24 November). Read the full article here>