October 2019 Economic Update


  • Equity markets gained 3.1% in October which was led by a rally in the Resources sector.
  • Resources and Financials appreciated 7.3% and 3.3% respectively.
  • On 1 November 2019, Moody’s decided to keep South Africa‚Äôs international long-term credit rating unchanged but revised the outlook from stable to negative. This was expected by the market following the release of the very grim mid-term budget on the 30 October.
  • The very grim mid-term budget speech had a negative impact on bonds, losing 1.6% on the day, and finishing the month down 0.3%.
  • Rand ended the month marginally stronger, up 0.7% against the Dollar, despite the very grim mid-term budget and Eskom re-introducing load shedding.
  • Only 7 of the Top40 stocks ended the month in red, Naspers was the worst performing share declining 6.5% for the month
  • We have started the month of November on a high and we are very proud of the Springboks on their outstanding performance on Saturday and we are delighted that we will be bringing home the 2019 Rugby World Cup trophy.


“I can’t think of a nation that needs it more than you guys right now”, Prince Harry told the Springbok squad in the locker room, with a beer in his hand, after the team won the 2019 Rugby World Cup against England.