Financial News 23rd January 2023

Market Overview
The FTSE/JSE All Share closed last week at 79 269.77, decreasing by 0.05%. The consumer discretionary and industrials sectors were the best performing increasing by 1.55% and 0.86% respectively. The telecommunication and oil & gas sectors were the biggest detractors, decreasing by 1.83% and 1.00% respectively.
Looking at the MSCI indices, developed markets decreased by 0.37% during the previous week while emerging markets increased by 0.64% over the same period.

Indicators 23rd January

JSE rallies to another record buoyed by risk-on investor sentiment
South African stocks ended the week in the red on Friday after rallying to another all-time record high above 80 000 points mark, buoyed by risk-on global investor sentiment. Read the full article here>

Rand slides as state utility extends power cuts
 South Africa’s rand weakened early on Monday, as power utility Eskom extended scheduled electricity cuts, which are a major brake on economic growth and source of investor concern. Read the full article here>

What we learned at Davos: Signs of hope emerge from the pessimism
Prospects for artificial intelligence and green transition fuel imply that the only way is up for the global economy. Read the full article here>

To hike repo rate by 50bps or 25bps, that is the question
South Africa’s Monetary Policy Committee (MPC) will hold its first meeting of the year to decide on interest rates on Thursday, and while economists agree that the central bank will continue to hike rates, they are split on the size of the increase. Read the full article here>

SARS is ramping up penalties and tax bills
Legal experts at Cliffe Dekker Hofmeyr (CDH) have warned taxpayers that the South African Revenue Service (SARS) is on the offensive when it comes to those who don’t have their tax affairs in order. Read the full article here>

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