The JSE remained largely flat over the month but performed better over the quarter generating real returns of 10.9% p.a. in local currency terms. Local equities outperformed the bond market over the quarter generating an excess return above bonds of 13.7% p.a. in an environment where the repo rate was left unchanged by the MPC of the South African Reserve bank. Inflation is generally showing an increasing trend whilst the Rand strengthened against all currencies considered over the past month.
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