Developed market (DM) equities had a poor end to 2024, falling in December (MSCI World Index -2.6% MoM). However, that was not enough to undo a very good year for equity investors (MSCI World Index +19.2% YoY). Mega-cap tech companies defied the December gloom, doing enough to drag the Nasdaq 100 into positive territory for the month (+0.6% MoM).

The so-called 'Magnificent Seven' cohort of mega-cap tech stocks ended 2024 collectively 48% higher YoY, including a 171% YoY gain by chip maker Nvidia. Emerging market (EM) stocks fared better than their DM peers in December (MSCI EM -0.1% MoM) but significantly underperformed their DM peers for the full year (MSCI EM +8% YoY). South African (SA) equity markets suffered a third consecutive monthly decline (FTSE/JSE Capped SWIX Index -0.3% MoM), taking a bit of the shine off an otherwise strong year for the local bourse (Capped SWIX +13.5% YoY).

Miners (- 5% MoM) were the biggest culprit behind the JSE’s negative performance in December and the only major JSE segment to deliver a negative return in 2024 (-11% YoY). JSE- listed stocks with earnings geared predominantly to the local economy had a marginally positive December (+0.25% MoM), ending a very strong year for that cohort (+21% YoY).