The Ewing Trust Quarterly News

We believe that we are not yet at the end of the interest rate hiking cycle, central banks and Governments are seeing a tempering of the rampant inflation as a result of the rapid increase in interest rates.

South African equities remained resilient up until a late sell-off of risk assets near the end of August, which followed the announcement by the US Federal Reserve of their intention to aggressively increase interest rates until inflation is brought back under control

The JSE All Share ended this quarter lower than the previous quarter, in line with a global selloff in most equity markets.

The financial year ending in February saw an increase in volatility and a return to risk-off investment strategies in global and local markets.

The Johannesburg Stock Exchange ended strongly at 70475. This has been underpinned by a number of companies re-instituting dividends and declaring significantly better results than 2020.

Our Blue Chip South African-focused companies have performed satisfactorily and those with strong balance sheets and good cash flows have come to the fore in terms of investor focus.