MSM Property comment - Mar 24 - Fund Manager Comment18 Jun 2024
The S&P500 Index rallied up 3.22% for March, closing out a strong quarter (10.56%) buoyed by the magnificent seven (artificial intelligence theme) along with good US economic data.
The ECB kept interest rates unchanged as European markets ended up 4% for March.
Even with a sluggish property sector, China released good economic data as manufacturing numbers showed a recovery. South Africa released sluggish economic data but saw relief as South African GDP was reported to be 0.6% for 2023.
The resources market made back some losses gaining 13.86%. Listed property was down by 0.5% as we beat the benchmark.