Market overview
The FTSE/JSE All Share closed last week at 63 661.02, decreasing by 0.44% during the week. Consumer Staples and Consumer Discretionary stocks were the biggest detractors decreasing by 3.87% and 1.87% respectively during the week. Oil and Gas stocks were the biggest contributors, increasing by 7.19% over the same period.
Looking at the MSCI indices, developed markets decreased by 2.52% during the previous week while emerging markets decreased by 1.40% over the same period.
US Consumer Confidence Index takes a knock
The US Consumer Confidence Index dropped during the course of September as some states are still struggling to contain the spread of the Delta variant. The index dropped to 109.3 points, from a revised 115.2 points in August.
The Present Situation Index, based on consumers’ assessment of current business and labour market conditions, also fell to 143.4 points from last months’s 148.9 points.
SA producer inflation increases
SA producer price inflation rose by 7.2% year-on-year in August, from 7.1% previously. On a monthly basis, producer price inflation increased to 0.8%, from 0.7% previously. The main drivers of annual inflation were petroleum, chemical, rubber, plastic as well as food, beverage, and tobacco products. The index measures inflation based on the input costs to producers.
Oil rally as demand soars
The price of oil closed the week at $79.28 a barrel. Oil prices have risen over the past weeks due to supply disruptions and a rise in global demand, pushing the price above $80 during the week for the first time in 3 years.
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Weekly indicators – as at 01 October 2021
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