WM Market Update – November 2014

Global

U.S.markets continued their meteoric rise with the S&P 500 reaching a new record high of 2075.76 intraday before easing slightly to close at 2067.56 on the last day of the month. The Dow Jones Industrial average also reached a new high to finish up 2.86% for the month with the S&P 500 adding 2.69%. Exceeding even these stellar performances the tech heavy NASDAQ Composite Index ended the month up 3.66%. Foreign stocks of other developed markets as reflected in the MSCI EAFE Index advanced 1.36% over the month but remained in the red for the year on fears that Europe might still lapse into recession.

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Local

In spite of a roller coaster ride over the month the JSE FTSE/ ALSI managed to end the month on a positive note closing at 49,911.37 points just shy of the psychological 50,000 and gaining 0.38%. In total return terms the index gained 0.54%. The Top40 however lost 0.24% largely due to dollar strength which impacted considerably on commodity and resource stocks. The index was further influenced by OPEC’s decision to keep oil production unchanged at 30,000 barrels a day which impacted significantly on the share price of both Sasol and Billiton. Foreign flows to the equity market were negative for the month with an outflow of R11.27 billion.

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