Download the February 2025 Market Report

February was characterized by a risk-off sentiment, due to several bearish narratives. Concerns about growth and stagflation arose from softer economic readings and hotter inflation measures. Uncertainty around Trump’s trade, immigration, tax and Ukraine policies added to the market’s unease. The Fed maintained a cautious stance amid a hotter CPI report and broader macro uncertainty. Trade war developments played a significant role with Trump announcing tariffs on Canada, Mexico, and China, though these were delayed pending negotiations. Analysts highlighted the slowing growth and inflationary impacts of Trump’s policies, and February consumer confidence saw its biggest decline since August 2021. Global equities ended the month 1% lower, global bonds benefitted from lower yields, the Dollar Index dropped slightly, gold rose modestly, and oil had its first monthly loss since November 2024.

Local industrial shares delivered strong performance during February, with global beer company AB-InBev up by 20% over the month after releasing strong results. Naspers (+12.3%) and Prosus (+11.6%) benefitted from positive sentiment towards Chinese tech companies. Amongst local financial companies, Discovery stands out, with a 14.3% gain for the month. Local platinum miners struggled over the month, with Anglo Platinum, Impala Platinum, Northam Platinum and Sibanye Stillwater all declining by more than 10%. Read more.