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Sanlam Private Wealth, Market Commentary, 17 May 2024
Local Markets
The Top-40 index in the stock market closed slightly higher by 0.10%. No significant economic data releases are expected in South Africa until Wednesday, when local inflation figures will be released. However, economists cautioned that despite recent gains in the rand, markets are exercising caution ahead of the national election scheduled for May 29. Meanwhile, Karooooo, the parent company of Cartrack, announced robust financial results for the fourth quarter and full financial year of 2024, driven by strong subscriber growth and revenue performance. On the other hand, Barloworld, an industrial conglomerate with diverse interests, anticipates reporting lower interim earnings.
American Markets
U.S. stocks closed lower on Thursday after the Dow briefly reached an intra-day high of 40,000 for the first time, as investors adjusted their rate-cut expectations due to data indicating a slowdown in inflation and strong corporate earnings. Early gains in equities faded throughout the day, leading to slight declines in the three major indexes. Additionally, new jobless claims fell last week, suggesting tight labour market conditions despite cooling job growth. Walmart led the Dow`s surge above 40,000, rising nearly 7% on strong fiscal first-quarter results, bringing its 2024 gain to 21%.
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