ECONOMIC AND MARKET OVERVIEW
JANUARY IN REVIEW
South African equity markets had a very strong rally and ended the month nearly 9% higher. This strong performance was led by Naspers, Prosus and Richemont. Local bonds gained almost 3%.
Global markets also recovered strongly in January after a dismal 2022. The tech heavy Nasdaq gained more than 10% in US Dollars while emerging markets ended the month nearly 8% higher. Tesla, whose share price lost almost 70 in 2022 bounced by 40 in January. At USD 170 per share, it’s still far off its November 2021 high of USD 414 per share.
After weeks of pressure, Germany has confirmed it will make 14 Leopard 2A6 tanks available for Ukraine’s war effort and give partner countries permission to re export further battle tanks to Kyiv. This follows an announcement by President Joe Biden of the United States that they are readying more than USD 2 billion worth of military aid for Ukraine, that is expected to include longer range rockets for the first time as well as other munitions and weapons
