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Sanlam Private Wealth, Market Commentary, 12 April 2024
Local Markets
On the stock market, the Top-40 index closed down approximately 0.3%. Statistics South Africa reported a 9.9% year-on-year increase in the country`s total mining output for February, contrasting with a revised 2.8% decline in January, while manufacturing output rose by 4.1% year-on-year in February. South African business confidence remained stable in March, holding at an improved level despite local economic challenges, according to the South African Chamber of Commerce and Industry. WeBuyCars debuted on the market on Thursday, with the second-hand vehicle trader attaining a market capitalization of 8.3 billion rand ($441 million).
American Markets
U.S. stocks closed higher on Thursday, buoyed by tech-related momentum stocks leading the rally, as new economic data suggested that inflation might be slowing down. The Producer Prices Index (PPI) came in softer than anticipated, indicating that price growth is still moderating. However, while the PPI data provided some optimism, it also hinted that the path toward the Federal Reserve`s annual 2% inflation target might not be straightforward. Investors are now turning their attention to the first-quarter earnings season.
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