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INTERNATIONAL MARKETS
LEADING STOCK MARKETS SUFFER LOSSES
► MOST GLOBAL MARKETS WEAKER IN DECEMBER
Global markets ended the year on a sour note with fears of an economic slowdown spooking investors. US President Donald Trump did little to calm these fears as he forced a US government shutdown after the Senate failed to break an impasse over his demand for funding of a US/ Mexican border wall and he sent tweets suggesting he may interfere with the independ-ence of the US central bank.
The leading stock markets suffered exceptionally high losses in December, with the S&P 500 shed-ding -9% – the largest December loss in the US since 1931 and its first negative year since 2008. Europe’s DAX traded -6.2% lower, while in Swit-zerland the SMI is down -6.7% and the SMIM -6.8%. The losses were greater still in Japan, with those sustained by the Nikkei 225 even running into double digits at -10.45%. This put the full-year performance of the stock markets at a disappointing -8.2% for the MSCI World (in USD). The emerging markets closed out a turbulent year down -14.5% (in USD).
► FED HIKES INTEREST RATE
The US Federal Reserve (Fed) delivered a much expected 0.25% interest rate hike at its December meeting (the ninth hike of this cycle) and chair-man Jerome Powell did little to quell market fears as he suggested that the Fed was very much still in hiking mode despite financial market wobbles (and numerous tweets from Trump suggesting that the Fed was killing the market).
► BREXIT WOES CONTINUE
In the UK, Brexit woes continued to hog headlines as Prime Minister Theresa May had to cancel a planned parliamentary vote on the Brexit deal she’d negotiated with her European counterparts once it became obvious she didn’t have the support to get the deal approved. A few days later May survived a bid by her party to remove her as leader, but with almost 40% of her own party voting against her.
Markets bounced after Christmas, with the S&P 500 Index up 7% in the last few trading days of the year although, even after that rally, December was still the worst month for the S&P 500 since February 2009 and the worst for the MSCI World Index since May 2012.
LOCAL MARKETS
DESPITE VOLATILE DECEMBER, JSE ENDS HIGHER
► JSE ENDS ON A POSITIVE NOTE
December was a volatile month for markets all around the world, the JSE included. Despite several ups and downs during the month a surge in the share prices of gold mining and other heavyweight shares the FTSE JSE All Share Index ended 4.1% up month on month. However, for the year the situation is not looking good and Business Day reported that the JSE All Share – along with other global markets – had a rough year losing 11%; its worst performance in a decade.
The positive finish at the end of December was thanks to higher share prices for Anglo American (+16.3% month on month), BHP Group (+15.2% month on month), Richemont (+5.1% month on month) and Naspers (+4.7% month on month). The Resi again outperformed and recorded a gain of 12.6% for the month, while the Indi-25 closed 2.6% higher and the Fini-15 1.1% higher compared to November.
AngloGold Ashanti (+30.6% month on month) was December’s best-performing share, lifted by the gains in the price of gold and media reports indicating that the firm was considering listing on either the London or Toronto stock exchanges – a move that could see it hive off its remaining SA operations. Gold Fields came in second with a 22.2% month on month gain, followed by the only retail share among the top-20 performers in December – Lewis Group – which ended the month 21.1% higher to take the third-best performer spot.
17.4%, respectively.
On the SA macro front, GDP data released in early December showed that the economy grew by 2.2% in the 3rd quarter, pulling the country out of a “technical recession” and coming in ahead of consensus economist expectations of 1.6 growth. Manufacturing was the key sector here – after contracting by 0.3% in 2Q18, manufacturing output jumped 7.5% in the quarter. Headline consumer price inflation (CPI) slowed to 5.2% year on year in November vs October’s 5.1%, while month on month inflation decelerated to 0.2% in November vs 0.5% in October.
SA recorded a trade surplus of R3.49bn in November, according to statistics published by Sars. However, for the 11 months to end-November there was a trade deficit amounting to R4.16bn, a deterioration on the surplus for the comparable period in 2017, of R62.3bn.
Figures released by Naamsa show that domestic vehicle sales ended 2018 on a weak note with aggregate
industry new vehicle sales for December 2018. At 39 984 units, December 2018 shows a decline of 767 vehicles or -1.9% compared to the 40 751 units sold during the corresponding month of December
2017.
year volume declines of 0.2% in the case of new cars and a substantial decrease in the case of light commercial vehicles of 7.0%.
In contrast, export sales had recorded a massive improvement in December 2018 at 31 437 units, an increase of 11 330 vehicles or a remarkable gain of 56.3% compared to the 20 107 vehicles exported
during December 2017.
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Megan joined the Brenthurst Wealth team in March 2026 as an Administrative and Fiduciary Services Assistant at our Val de Vie Office in the Western Cape. Prior to joining Brenthurst, Megan gained three years of experience in the retail sector, where she developed management and client service skills.
I obtained my National Diploma in Financial Information Systems from the Cape Peninsula University of Technology in 1999 and have worked in the wealth management industry since January 2000. Over the years, I have gained extensive experience in various roles, including Portfolio Manager Assistant, Planner Assistant, and Paraplanner.
Esmarelda Isaacs-Andreas joined the Brenthurst Wealth Stellenbosch office in October 2025, taking on the dual role of Receptionist and Fiduciary Administrator.
I obtained my National Diploma in Financial Information Systems from the Cape Peninsula University of Technology in 1999 and have worked in the wealth management industry since January 2000. Over the years, I have gained extensive experience in various roles, including Portfolio Manager Assistant, Planner Assistant, and Paraplanner.
Ashley joined Brenthurst Wealth in January 2025 as Office Administrative Assistant and Receptionist for the Stellenbosch Office.
René Heystek joined Brenthurst Wealth in November 2023, as receptionist and administrative assistant in the newly established George/Garden Route office.
Michelle Heystek has built a career in the financial services over the last two decades, after obtaining her B.Com degree in Financial Management in 2005. Once she joined Brenthurst in 2006, she continued her academic journey, obtaining her Certificate in Wealth Management from INSETA in 2007, followed by a Postgraduate Diploma in Financial Planning from the University of the Free State. In 2008, she earned the Certified Financial Planner (CFP®) designation.
Anelle joined Brenthurst Wealth as a Receptionist and Administrative Assistant to Brian Butchart in the Cape Town office in December 2023. She has a wealth of knowledge from working as a liaison between Financial Advisers and clients at TMA and Absa Investment Management Services (Aims) since 1998. She obtained her B. com degree from the University of Port Elizabeth in 1997.
ADMITTED ATTORNEY | FINANCIAL PLANNER & HEAD OF BRENTHURST FOURWAYS
Sanet was appointed in April 2020, joining our Cape Town team as an Executive Administration Assistant to Renee Eagar. She has been in the financial services industry since 1990. Her previous experience includes positions at Sanlam, BJM and ABSA. She spent her last 12 years working at Alexander Forbes Private Client Wealth as a Senior Wealth Management Assistant. She has received numerous accolades over the years which include but not limited to, Alexander Forbes Client Service Excellence – Silver award in 2014,2015 and 2017. Sanet has also obtained her Certificate in Wealth Management (NQF 5) in 2012 and achieved “Best Student of the Year” from Moonstone.
Maria Smit is a Certified Financial Planner® with over 10 years of experience in the financial planning industry.
