April 2023 Update
F&A Monthly Update | APRIL 2023
Time for another monthly update! As always, we've put together a snapshot of market insights from PortfolioMetrix to bring you an overview of where your investments are headed. Here's your April 2023 update!
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Richard and the F&A team
April 2023 Update
This month's piece is compiled by Brendan de Jongh, SA Head of Research - PortfolioMetrix.
GLOBAL UPDATE
April was a quieter month than March from a news flow and market activity perspective. Lower energy prices resulted in falling inflation globally, although perhaps not as much as expected and there were indications that inflation may continue to be a bit ‘stickier’ at these elevated levels for some time. Economic data pointed to underlying strength globally, although this masked an emerging divergence between the strength in services sectors and weakness in manufacturing sectors. Earnings in the US were down, but better than expected. Markets generally drifted upwards over the month. Follow the link below for more detail on events that transpired in the month.
LOCAL UPDATE
South African (SA) asset classes performed well over the month with a strong rally in local property and reasonable returns from the local equity market. Offshore asset classes benefitted from a weaker rand and reasonable performance in hard currency. The local bond market, as measured by the All-Bond Index, struggled however as yields continued to rise resulting in capital losses for the asset class.
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