South African (SA) markets started September on a strong foo..ng, with the Capped SWIX Index up over 6% by mid-month and the rand strengthening by 4% over the same period as receding global recession fears and increasing op..mism for a resolu..on to trade wars buoyed global sen..ment. However, geopoli..cal risk conspired to reverse those gains by month-end with the Capped SWIX Index ending September up only 0.7% and the rand just 0.3% stronger. Gold shares, which were up 28% in aggregate in August, had given back most of those gains by mid-September, although these shares recovered some of their losses in the second half of the month the sector s..ll ended September 14% lower. SA banks, insurers and retailers closed the month up around 5% in aggregate and were responsible for most of the index performance last month. During September the muchan..cipated spin-off of the Prosus lis..ng by JSE-heavyweight, Naspers ini..ally created some excitement, with the share up 8% into the mid-month event, but that also faded into month-end with the combined Naspers/Prosus performance a slight drag on the index for the full month.