South African equity markets were the best-performing asset class in March. Local equities rebounded, driven by gold and platinum miners. Gold continued its surge, reaching new all-time highs, while platinum benefited from a rebound in metal prices. International equities also performed well, reflecting optimism in global markets.

This positive trend was fueled by several factors, including optimism about a US soft landing scenario, continued momentum in artificial intelligence stocks,and expectations of forthcoming rate cuts by central banks in the second half of 2024.

Bond yields continued to trend higher in response to higher-than expected inflation readings in the United States and South Africa. Federal Reserve Chair Powell's recent statements emphasized a cautious approach to monetary policy, suggesting a likely rate cut later this year, but with no rush.

Money market rates in Namibia and South Africa ticked up as expectations of higher rates for longer propped up bank deposit rates.