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Market Commentary

Momentum Metropolitan Holdings Limited (Momentum Metropolitan)

Latest Releases

Economic and market snapshot for September 2018

In Momentum Investments’ view, an acceleration in structural reforms is imperative to resolve the country’s stark inequality problem.

Interest rates steady at 6.5%, but the balance of sentiment is shifting towards tighter monetary policy

The SARB MPC left interest rates unchanged at 6.5% at the September 2018 interest rate-setting meeting, but noted three out of the seven MPC members had made arguments for an interest rate increase in of 25 basis points.

Another positive inflation surprise for August 2018

In Momentum Investment’s view, lower services inflation, muted currency pass-through and subdued food inflation contributed to the trend in downward surprises in recent months.

All Releases

Published: 01 June 2018

Revived inflation risks prevent an interest rate cut

SA equities ended lower in May 2018, tracking weaker global equity markets and following bleak corporate earnings reports.

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Published: 25 May 2018

Revived inflation risks prevent an interest rate cut

Despite little revision to the SARB’s inflation projections, a resuscitation in inflation risks informed the MPC’s decision to leave interest rates unchanged at 6.5% at the May 2018 rate-setting meeting.

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Published: 23 May 2018

April 2018 headline inflation increases on tax hike, but undershoots expectations

The South African Reserve Bank (SARB) noted a reversal in the long upward trend in underlying inflation in its April 2018 Monetary Policy Review.

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Published: 14 May 2018

SARB April 2018 Financial Stability Review

In its recently released April 2018 Financial Stability Review, the SARB concluded that SA’s financial sector is strong and stable and continues to feed off positive business and consumer sentiment, in spite of global uncertainties, monetary policy normalisation and protectionist measures.

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Published: 02 May 2018

Economic and market snapshot for April 2018

The Bureau of Economic Research’s Consumer Confidence Index surprised at a record high (since the survey’s inception in 1982) of 26 points for the first quarter of 2018, rising from a negative 8 point reading in the previous quarter.

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Published: 18 April 2018

Economic and market snapshot for April 2018

With the ‘Ramaphoria’ effect continuing to underpin positive consumer, business and investor sentiment, it is not a surprise that SA’s leading economic growth indicators are pointing upwards.

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Published: 03 April 2018

Economic and market snapshot for March 2018

Early in the month, South African equities benefited from the GDP report (fourth quarter of 2017), suggesting the economy performed better than initial market expectations. The local equity market struggled to find direction during the first half of the month, but ended March 2018 decisively weaker (negative 4.2%).

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Published: 28 March 2018

A robust debate results in an interest rate cut to 6.5%

The South African Reserve Bank Monetary Policy Committee noted macro risks have abated since the January 2018 meeting, allowing for a 25 basis point cut in interest rates to 6.5%.

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Published: 20 March 2018

February 2018 headline inflation surprises positively

Broad-based inflation reprieve remains prominent in South Africa’s consumer basket, price increases for more than 80% of the items in the basket came in below the 6% upper end of the inflation target band.

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Published: 20 March 2018

Moody’s favourably reverses South Africa’s credit rating outlook from negative to stable

Moody’s kept South Africa’s (SA) foreign and local currency rating unchanged at Baa3, in line with expectations, which left the country eligible for inclusion in the Citigroup World Government Bond Index (Citi WGBI).

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