For the month of March, South African equities rebounded with a 2.68% gain, reversing the previous month's trend. Despite this, first- quarter returns remained negative, primarily due to the financial sector's performance,while there source sector showed improvement. As urge in the price of gold, oneof South Africa's major exports, has offered the Rand somerelief.

The Rand started the month around 19.20 against the US Dollar and ended at 18.94. In local economic data, South African economy grew marginally in the fourth quarter of 2023, averting a technical recession,and the PMI survey indicated private sector expansion after six months of contraction.

The South African Reserve Bank(SARB held the repo rate at 8.25% and tempered market expectations for rate cuts. Looking ahead, volatility is expected to increase due to local elections as well as the challenges emanating from the deteriorating logistics and power infrastructure.