Consumer confidence

The consumer confidence data unwound the recent tiny boost, dropping back to 78.5.

We continue to see material risk to the local market, predicated on higher and persistent inflation driving higher and persistent rates, which translates to a mortgage-market-housing-market shock, in turn reducing consumption and investment.

As such, we continue to gravitate towards the more defensive names across financials, telecoms, staples and healthcare, and underweight the builders, retailers and other pointy parts of the market.

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This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.

Please note that past performance is not a reliable indicator of future performance.

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