Dashboard: 30 November 2021

The South African reserve bank has increased the repo rate by 25 basis points to 3.75% p.a. over the last month whilst the JSE ended the month at a record high, posting real returns of 4.8% over the month.

South African Markets (ZAR)

Latest value Last mo. 3 mos. 1 yr 3 yrs ann. 5 yrs ann.
JSE ALL SHARE  70 475.02  4.5%  4.5%  23.4%  11.6%  7.0%
JSE Volatility Index (% increase)  19.24  0.1%  2.6%  -6.1%  -4.0%  -2.2%
ALBI  801.19  0.7%  -2.0%  8.1%  8.3%  8.8%
Repo Rate (% increase)  3.75%  7.1%  7.1%  7.1%  -17.8%  -11.7%

South African Market Cumulative Performance

South African Yield Curve

Offshore Markets*

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
FTSE All World Index  477.74  -2.6%  -2.2%  17.3%  13.8%  11.8%
FTSE Emerging Market Index  605.58  -3.8%  -6.3%  2.0%  7.2%  6.7%
All Share Index (Kenya)  164.77  -7.4%  -9.6%  13.5%  4.1%  3.8%
All Share Index (Zambia)  5 386.29  9.2%  13.5%  42.6%  0.7%  5.1%
All Share Index (Nigeria)  43 248.05  2.9%  10.3%  23.4%  11.9%  11.4%
All Share Index (Mauritius)  2 010.67  -5.3%  2.9%  25.5%  -3.4%  2.2%
Composite Index (Ghana)  2 866.76  0.1%  4.2%  57.5%  3.9%  12.7%

Inflation***

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
CPI (ZAR)  172.81  -0.3%  -0.1%  4.3%  3.7%  4.2%
CPI (Kenya)  117.20  0.5%  1.3%  5.8%  6.1%  5.7%
CPI (Zambia)  334.20  0.6%  0.6%  19.3%  15.8%  12.2%
CPI (Nigeria)  399.87  1.0%  2.1%  14.2%  13.6%  13.6%
CPI (Mauritius)  112.28  0.5%  0.6%  5.6%  3.0%  3.1%
CPI (Ghana)  133.30  0.6%  1.3%  10.7%  9.3%  9.8%

Currencies (ZAR)

Latest value Last mo. 3 mos. 1 year 3 yrs ann. 5 yrs ann.
GBP  21.14  1.5%  5.7%  2.5%  6.1%  3.7%
USD  15.87  4.4%  9.4%  2.6%  4.6%  2.4%
EUR  18.02  2.3%  5.0%  -2.5%  4.7%  3.8%
MUR  0.37  3.4%  8.3%  -6.0%  -3.2%  -1.4%
KES  0.14  3.3%  6.8%  0.4%  1.4%  0.4%
ZMW  0.89  1.3%  -2.1%  21.2%  -8.4%  -9.0%
GHS  2.64  4.0%  8.5%  -1.3%  -2.9%  -4.8%
NGN  0.04  4.6%  9.8%  -4.6%  -5.1%  -3.5%

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 ended the month at a record high posting real returns of 4.8% for the month. The monthly returns on other African
markets considered are mixed with the Zambian and Nigerian markets returning positively in real local currency terms whilst
other markets returned negatively.

The South African reserve bank has increased the repo rate by 25 basis points to 3.75% p.a. over the last month.
The South African equity market has outperformed the bond market by 3.75% over the past month. However, over the longer-term (5 years), the situation is reversed with the bond market outperforming the equity market generating an excess return of
1.80%.

Over the month, the Rand weakened against all currencies considered. Over the year, however, the Rand has strengthened
against the Euro as well as all African currencies considered except the Zambian Kwacha and the Kenyan Shilling.

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Craig Falconer
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T +27 11 038 3705
Kirchual Sauls
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Legal Disclaimer: This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The comments in this summary are based upon QED Actuaries & Consultants’ preliminary analysis of publicly available information. The content of this document is made available on an “as is” basis, without warranty of any kind. QED Actuaries & Consultants disclaims any legal liability to any person or organization for loss or damage caused by or resulting from any reliance placed on this content. QED Actuaries & Consultants reserves all rights to the content of this document.
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