Dashboard: 31 July 2021

The JSE continues to grow steadily in real, local currency terms following its 2020Q1 low. The global emerging market saw a dip over the last month however on the back of a market correction following new regulatory announcements in China.

South African Markets (ZAR)

Latest valueLast mo.3 mos.1 yr3 yrs ann.5 yrs ann.
JSE ALL SHARE68,970.784.1%3%23.8%6.3%5.5%
JSE Volatility Index (% increase)18.14-9.7%-17.6%-26.5%2.6%-2.7%
ALBI803.250.8%5.7%13.9%8.7%8.9%
Repo Rate (% increase)3.50%0.0%0.0%0.0%-18.6%-12.9%

South African Market Cumulative Performance

South African Yield Curve

Offshore Markets*

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
FTSE All World Index477.070.5%3.1%31.3%11.6%11.7%
FTSE Emerging Market Index627.04-7.0%-5.1%16.7%5.4%7.2%
All Share Index (Kenya)1177.523.2%4.9%32.0%1.4%4.5%
All Share Index (Zambia)4,658.440.1%12.4%20.5%-5.1%-0.2%
All Share Index (Nigeria)38,547.081.7%-3.2%56.1%1.4%6.6%
All Share Index (Mauritius)1,916.622.8%15.9%20.3%-5.1%1.4%
Composite Index (Ghana)2,717.302.8%6.1%44.7%-1.6%8.6%

Inflation****

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
CPI (ZAR)170.420.2%0.3%3.5%3.6%4.1%
CPI (Kenya)115.340.2%0.5%6.4%5.6%5.7%
CPI (Zambia)331.150.3%3.7%24.6%16.2%12.5%
CPI (Nigeria)383.961.1%2.1%16.3%13.4%13.5%
CPI (Mauritius)111.401.5%2.2%6.2%2.8%3.1%
CPI (Ghana)129.191.3%2.1%7.2%8.6%9.5%

Currencies (ZAR)

Latest valueLast mo.3 mos.1 year3 yrs ann.5 yrs ann.
GBP20.282.6%1.2%-9.3%5.2%2.0%
USD14.562.1%-0.5%-14.4%3.1%1.0%
EUR17.302.1%-0.9%-14.0%3.7%2.2%
MUR0.343.4%-4.7%-20.5%-3.9%-2.6%
KES0,131.4%-0.2%-15.3%-0.5%-0.4%
ZMW0.7620.2%16.6%-19.0%-17.2%-10.9%
GHS2.440.7%-2.4%-17.8%-4.4%-7.5%
NGN0.042.1%-7.0%-21.0%-6.6%-4.1%

African Stock Exchanges’ Cum. Performance

Rand Exchange Rate

* Indices are all reflected in their respective local currencies. FTSE Indices are quoted in USD. Data Source: Thomson Reuters *** CPI is lagged by one month

Commentary

The JSE continues to grow steadily in real, local currency terms following its 2020Q1 low. All other African markets consider ed (with the exception of Zambia) are also boasting positive real returns (in local currency terms) over the
The global emerging market saw a dip over the last month, however, on the back of a market correction following new regulatory announcements in China.
The local equity market outperformed the bond market over the month, generating an excess return of 3.31%. Over the longer term (5 years), the equity market lags the bond market by a return of 3.37%.
Inflation rates are continuing their upward trend across all markets considered. Over 5 years, inflation rates for each country considered are higher than the relevant market index (apart from South Africa), which is indicative of negative real returns.
Over the month the Rand weakened against all currencies considered. Year on year it is stronger than all currencies considered.

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Craig Falconer
CEO
T +27 11 038 3705
Kirchual Sauls
Actuarial Manager
T +27 11 038 3711
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