Midweek market review:
Overnight we saw the All Share rise once again with consistency, this time mapping a 0.41% gain. South African equities continue to outperform in this environment, with its EM status experiencing higher gains and less volatility that its Asian counterparts.
Yesterday Stats SA announces that South African GDP shrank for a third consecutive quarter, falling by an annualised 2%. This marks the first time since 2009 that a recession has lasted longer than two quarters.
According to Stats SA, a drop was seen across half of the sectors assessed, with the biggest declines seen in mining and manufacturing.
The Rand continues its weakness against the greenback, trading in a highly volatile and range-bound manner, currently printing at the 17.36/USD level.
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