Financial News 27th March 2023

Market Overview
The FTSE/JSE All Share closed last week at 74 695.04, increasing by 3.16%. The technology and consumer discretionary sectors were the best performing, increasing by 11.32% and 4.95% respectively. The oil & gas and telecommunication sectors were the main detractors, decreasing by 0.58% and 0.50% during the week.
Looking at the MSCI indices, developed markets increased by 1.41% during the previous week, while emerging markets increased by 2.24% over the same period.

SA consumer confidence falls
The FNB/BER Consumer Confidence Index decreased to -23 points in the first quarter of 2023, from a two-year high of -8 points in the previous quarter. This is the third-lowest reading on record since 1993, amid concerns among consumers around South Africa’s economic prospects. The survey showed that the majority of consumers believe it was inappropriate to buy durables like vehicles, furniture and household appliances, in anticipation that South Africa’s economic growth over the next 12 months will deteriorate.

South African rand weakens against stronger dollar
JOHANNESBURG, March 27 (Reuters) – South Africa’s rand weakened against a stronger dollar on Monday, as investors awaited a central bank decision on monetary policy later this week. Read the full Reuters article here>

Investors brace for another week of volatility as mad March ends
Uncertainty in the banking sector means the central bank will take a meeting-by-meeting approach on interest rate policy, ECB Vice President Luis de Guindos said. Read the full article published on Moneyweb here>

What to expect from the Reserve Bank’s interest rate decision this week
South African economists and analysts say the country should brace for another interest rate hike this week as the South African Reserve Bank’s (SARB’s) Monetary Policy Committee meets over the next few days. Read the full article from here>

Business under-insurance on the rise, especially among SME’s
Insured clients don’t always keep pace with the impact of volatility and changes in their operating environment. Read the full Moonstone article here>

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