South African equities rally in June, led by domestic sectors.
The South African stock market rallied strongly in June, dragging the bourse back into positive territory for 2023. Domestic sectors, which have generally been on the back foot this year, led the rally. Notable standout performers included the banks, insurers, general retailers, and discretionary retailers, which were up 13%, 11%, 13%, and 17%, respectively.
After a very challenging start to the year, investors are finally starting to see some green shoots. The rally in June was a welcome relief for those who have been weathering a storm of headwinds in recent months. Loadshedding, political noise, and a weak operating environment have all weighed on the market. However, it seems that investors are starting to believe that the worst is over.
Of course, there are still some challenges ahead. Retailers are being squeezed on all sides, facing rising costs from fuel, input, and loadshedding. However, the overall trend is positive, and it seems that the South African stock market is finally on the road to recovery.
To find out more about the current market situation, read the market watch for June 2023 below:
Missed last month and need to catch up? Read the May market watch here.
