WE ARE THE CHAMPIONS
South Africans were on the edge of their seats on Saturday night when the Springboks held off a massive counter attack from the All Blacks and triumphed in the end by one point. What a fantastic performance from the “Bokke” with a well deserved win. The whole country was behind the team and we at Hansmeyer and Associates celebrate their victory with the rest of the South African nation.
Market overview
The FTSE/JSE All Share closed last week at 69 452.00, decreasing by 1.06%. The oil&gas and industrials sectors increased by 1.96% and 1.45% respectively during the week. The basic materials and telecommunications sectors decreased by 2.58% and 2.56% during the same period.
Looking at the MSCI indices, developed markets decreased by 2.11% during the previous week while emerging markets decreased by 0.61% over the same period.
Slight expansion in SA economy
The South African composite leading business cycle indicator increased by 0.4% during August, after a 0.1% rise in the previous month. This marks the third consecutive month of economic expansion. The largest positive contributors were an increase in the average hours worked per factory worker in the manufacturing sector and an improvement in the RMB/BER Business Confidence Index.
US economy sees massive growth
The US economy expanded an annualized 4.9% in the third quarter of 2023, above market forecasts of 4.3%. Consumer spending increased by 4%, while exports increased by 6.2%, rebounding from a 9.3% fall in Q2. The biggest detractors were non-residential investment which declined for the first time in two years.
Thank you to PPS Investments for the Market Overview.
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