OIG’s Monthly Market Review analyses the key market movements, best and worst-performing stocks, and significant economic events that shaped the financial landscape during the month. The report outlines key events that impacted markets both locally and globally.
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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%.
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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.
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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.
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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.
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July marked a pivotal month for financial markets, both domestically and globally. Locally, the FTSE/JSE All Share Index broke through the 100,000-point milestone for the first time, driven by robust commodity prices, resilient corporate earnings, and a supportive interest rate cut by the South African Reserve Bank. Globally, investor sentiment was supported by easing inflation pressures, a solid United States earnings season, and more accommodative monetary signals from major central banks. Equity markets across developed and emerging regions posted healthy gains. Together, these factors created a broad risk-on environment, lifting both local and global asset classes.
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Markets ended the first half of 2025 on a firmer footing, shrugging off mid-month volatility to deliver a broadly positive performance. While geopolitical tensions and ongoing trade uncertainty sparked brief bouts of risk aversion, investor sentiment improved as inflation remained contained in most regions and policy support persisted.
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May proved to be a month of mixed performances for global markets as volatility persisted due to ongoing trade tensions and inflationary concerns. Despite these challenges, some markets saw modest gains. South Africa's economy showed resilience amidst global uncertainty. The Rand strengthened to levels last seen in December. Inflation increased slightly to 2.8%. Global economic outlooks remain cautiously optimistic.
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April was a turbulent but ultimately positive month for global markets. Despite a rocky start due to escalating U.S. tariff announcements, markets regained their footing toward the end of the month following a temporary pause on most tariff measures.
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In March 2025, global financial markets faced significant volatility, primarily due to escalating trade tensions and anticipated tariff implementations by the United States. The uncertainty intensified following President Donald Trump's announcement of forthcoming reciprocal tariffs. South African Equities showed resilience with only listed property posting a loss for March.
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Global markets in February remained steady despite mixed economic signals, with U.S. bond yields declining and European equities posting gains. In South Africa, the equity market showed resilience despite sector-specific struggles, particularly in resources, which fell sharply due to weaker commodity prices. The delayed 2025 Budget and potential VAT hike weighed on local investor sentiment, while the return of load-shedding raised concerns over economic stability.
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In January 2025, global financial markets experienced volatility influenced by various economic and geopolitical factors. The Johannesburg Stock Exchange (JSE) experienced fluctuations in line with global trends. Overall, January 2025 was marked by market adjustments as investors responded to technological advancements, policy changes, and shifting economic indicators.
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December marked a challenging end to an otherwise strong year for global markets. While equity markets retreated due to year-end profit-taking and cautious central bank outlooks, 2024 delivered impressive gains, driven by resilient US economic growth, the AI boom, and strong corporate earnings. 2024 showcased the power of innovation, adaptability, and selective investment opportunities, offering long-term investors valuable lessons for navigating evolving market landscapes.
