Market headlines

Why Allan Gray’s Tax-Free Balanced fund outperformed its Balanced fund

When tax-free savings accounts (TFSAs) were introduced in South Africa in 2015, the National Treasury ruled that no performance fees could be applied. Most notably, this affected South Africa’s largest unit trust.

The Allan Gray Balanced fund has always charged a performance fee. In order to make it available to investors in a TFSA, Allan Gray was therefore required to launch a separate fund – the Allan Gray Tax-Free Balanced fund – which charges a flat management fee.

World economy in 2021: who’s likely to win and lose

The coronavirus has crippled the world economy. Global GDP suffered its sharpest drop since the end of the second world war in 2020, millions were unemployed or furloughed, and governments pumped trillions of dollars into their economies to prevent greater damage.

Nevertheless, a 2021 recovery is very uncertain. China’s economy is growing strongly again, but many of the world’s richest nations may not fully rebound until 2022 at the earliest.

Wall Street Barely Higher As Investors Pause Amid US Capitol Turmoil

The S&P 500 was barely higher in Tuesday's volatile session as investors waited for earnings season and monitored developments in Washington after supporters of outgoing US President Donald Trump stormed the Capitol.

As Democrats moved to impeach Trump for inciting the deadly rampage last week, Trump on Tuesday denied wrongdoing saying that his public comments on the day of the attack were "totally appropriate."

Absa PMI declines further in December

South Africa’s seasonally-adjusted Absa Purchasing Managers’ Index (PMI) declined further in December, as business activity and new sales worsened, a survey showed on Friday.

The index, a gauge of manufacturing activity in Africa’s most industrialised economy, fell to 50.3 points in December from 52.6 points in November, staying just above the 50-point mark that separates expansion from contraction.