Monthly Update
Global and local markets continued to navigate a season of uncertainty in April, yet signs of resilience remained evident across key sectors.
Locally, the resource sector was the only major area to close the month in negative territory, declining by 2.6%. Despite this, the broader market showed encouraging strength, with the JSE All Bond Index rebounding by 3.3% after March’s volatility linked to tensions in the Middle East. This recovery reflects renewed investor confidence and continued demand for more stable asset classes in uncertain conditions. Offshore, global markets responded positively as tensions between the United States and Iran eased following a ceasefire agreement in April. While negotiations remain ongoing, the de-escalation provided some relief to investors after heightened geopolitical concerns earlier in the year.
In the United States, first-quarter GDP growth came in at 2%, slightly below expectations, signalling a moderating but still resilient economy. At the same time, the U.S. Federal Reserve chose to keep interest rates unchanged, taking a cautious approach amid rising energy prices and ongoing global uncertainty.
Alongside these broader market movements, we also continue to monitor and refine the positioning of Salvo’s funds across various asset classes and investment opportunities. Our latest fund updates reflect a continued focus on disciplined portfolio management, strategic diversification and long-term value creation in changing market conditions.
As markets continue to respond to global developments, our approach remains centred on clarity, consistency and sustainable growth — helping our clients invest with confidence through every market cycle.
👉 Read more in our Monthly Market & Fund Update.
