Financial News 28th November 2022

Market Overview
The FTSE/JSE All Share closed last week at 73 151.38, increasing by 0.81%. The oil & gas and telecommunication sectors were the best performing increasing by 8.73% and 2.51% respectively. The technology and consumer discretionary sectors were the biggest detractors, decreasing by 4.08% and 1.65% respectively.
Looking at the MSCI indices, developed markets decreased by 1.71% during the previous week while emerging markets decreased by 0.09% over the same period.

SA Reserve Bank hikes repo rate to 7%
The SARB increased the repo rate by 75 basis points to 7%. This is the third consecutive hike by such a margin and the seventh hike in a row, as part of hawkish moves by the bank’s Monetary Policy Committee (MPC) to bring spiking inflation under control. Read the full article here>

Big drop in diesel prices coming in December
Motorists can expect a sizeable drop in the diesel price for December, according to the latest estimates from the Central Energy Fund (CEF). Read the full article here>

SA’s CPI rises to 7.6%
In October 2022, South Africa’s headline CPI inflation rose by 0.4%m/m, hurt by another large increase in food prices. This follows a monthly increase of only 0.1% in September and 0.2% in August. Read the full article here>

Stocks tumble on unrest in China, dollar climbs: markets wrap
Shares slid while the dollar and Treasuries rose as growing unrest in China over COVID restrictions sent a shiver through global markets. Read the full article here>

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