Monthly market review – May 2026
Global markets navigated a complex and cautious May, as investor sentiment revolved around the prospect of US-Iran peace talks and their potential implications for energy prices and inflation. While hopes for a diplomatic resolution lent some support to risk assets – particularly in consumer, retail and leisure sectors – underlying uncertainty remained elevated. Oil prices stayed volatile, and markets remained sensitive to any shift in geopolitical developments. Equity performance was mixed across regions, with the US and UK ending marginally higher while parts of Asia traded under pressure.
Monthly market review – April 2026
Global markets rebounded strongly in April as easing geopolitical tensions, resilient US earnings and renewed enthusiasm for growth and technology stocks drove a broad rally and a softer US dollar. South African assets participated, but local equities lagged global peers as gains in banks, listed property and diversified miners were offset by continued weakness in precious‑metal prices. Inflation remained contained, keeping the SARB cautious but on hold, while lower bond yields and a firmer rand provided support. The month reinforced both the speed at which sentiment can shift and the importance of diversification amid ongoing energy and geopolitical risks.
Monthly market review – March 2026
March was a reminder of how quickly macro narratives can shift. Markets entered the month expecting gradual disinflation and eventual policy easing, but the escalation in the Middle East delivered a large energy shock that forced an abrupt repricing of inflation risk, growth expectations and the timing of rate cuts. The result was a rare but powerful combination: equities and bonds declining together, higher volatility, and a stronger US dollar.
Monthly market review – February 2026
Global markets delivered a mixed but resilient performance in February. Equities oscillated between losses and rebounds as investors weighed the scale of artificial intelligence (AI)‑related investment, uncertainty around US trade and tariff policy, and an escalation in Middle East tensions. While technology shares came under pressure and US indices ended the month mostly softer, Europe, Japan and commodity‑linked markets advanced, supported by firmer data and strong resource prices.
Monthly market review – January 2026
Global markets entered 2026 with increased volatility but ultimately delivered solid gains, as investors navigated a rapid succession of geopolitical shocks, shifting tariff threats, and sharp moves in commodities and interest rates. Locally, South African assets extended their strong run.
Monthly market review – December 2025
Global and local markets closed 2025 on a strong note in December, with risk assets extending gains into year-end despite lingering geopolitical and policy uncertainties. Investor sentiment remained supported by easing global financial conditions, a weaker US dollar, and continued optimism around selective growth themes.
Monthly Market Review – November 2025
Global markets were relatively flat in November as investors worried about high technology valuations. The MSCI World Index rose just 0.3% but remains up 20.6% for the year. In contrast, the JSE continued its winning streak with a ninth consecutive monthly gain of 1.7%, pushing the All-Share Index past 115,000 points for the first time and bringing year-to-date returns to 31.9%.
Monthly Market Review – October 2025
Global and local markets delivered another strong month in October, defying the typical “October effect”. Investor sentiment was supported by a 25bps rate cut from the US Federal Reserve and easing trade tensions between the US and China. The MSCI World Index rose 2.0%, taking its year-to-date gain above 20%. Locally, the JSE recorded its eighth straight monthly advance, led by robust performances from the financial and property sectors.
Monthly Market Review – September 2025
Global and local markets delivered another strong month in September, defying the historical trend of weakness in this period. Optimism around lower interest rates, firm commodity prices, and resilient growth supported investor sentiment. The MSCI World Index gained 3.7% for the month, while South African equities shone, lifted by an extraordinary rally in resource shares.
OIG Monthly Market Review – August 2025
Global and local markets extended their positive run in August, supported by resilient corporate earnings, firm commodity prices, and growing expectations of monetary easing in the United States. The MSCI World Index gained 2.6% for the month, while South Africa’s equity market continued its strong momentum, advancing for the sixth consecutive month, with gold miners once again driving the performance. Although political risks in Europe and renewed trade tensions created some volatility, sentiment remained constructive as investors focused on interest rate policy and the global growth outlook.