CGAM Quarterly Commentary | September 2023

The 3rd quarter of 2023 proved to be a tough one for global and local equity investors – the MSCI World Index and the JSE Swix Index declined 3.5% & 4.0% respectively in the quarter. As ever in South Africa the quarter saw divergent returns across the major sectors, with the Resources and Industrial Indices both declining over 5%, and Financials gaining nearly 2%.