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Sanlam Private Wealth, Market Commentary, 19 March 2024
Local Markets
On the stock market, the Top-40 index, and the broader all-share index closed lower by 0.74% and 0.77% respectively. Investors are awaiting the release of February`s inflation figures. Discovery reported that their expected headline earnings per share (Heps) for the six months ending on December 31, 2023, might be slightly lower or a bit higher for the interim period. On another note, Sun International`s Sun City resort, which has seen R2 billion in capital expenditure over the past decade, achieved record earnings, adding to the overall strong earnings of the JSE-listed hotel and resort group in the year ending December.
American Markets
Wall Street`s major indices finished higher on Monday, driven by mega cap growth stocks like Alphabet and Tesla, which fuelled a rebound in the technology-heavy Nasdaq. Investors awaited the upcoming U.S. Federal Reserve meeting with a mix of anticipation and apprehension. The communication services sector led gains among the 11 major S&P 500 sectors, climbing nearly 3% to reach its highest level since September 2021. Stronger-than-expected inflation figures prompted traders to reassess expectations for rate cuts this year, resulting in a decrease in the probability of a June rate cut to around 51%, down from about 71% a week earlier, according to the CME FedWatch Tool.
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