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Sanlam Private Wealth, Market Commentary, 30 April 2024
Local Markets
The Top-40 index closed 1.49% higher on the stock market. South African investors are awaiting March money supply, trade, and budget balance figures for insights into the economy`s health. Astral Foods anticipates a significant increase in headline earnings per share (Heps) to between 874 cents and 891 cents for the six months ending March 31, 2024, as per a Sens trading statement. Meanwhile, Growthpoint Student Accommodation Reit has invested R1.5 billion in new alternative property sector ventures since launching its student accommodations two years ago.
American Markets
Wall Street had a positive session, with Tesla shares surging after the electric vehicle maker achieved a significant milestone in deploying advanced driver-assistance technology in China, boosting overall equities sentiment. Apple also experienced gains following a bullish stock upgrade. However, stocks are on track for their first monthly decline since October, as expectations for rate cuts have decreased significantly since the beginning of the year. The upcoming week is packed with events, including the Federal Reserve`s two-day policy meeting starting on Tuesday.
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