How can the market be cheap if it is at an all-time high?

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Weak growth, a record amount of load shedding, high-interest rates and an uncertain global backdrop are all factors that should send investors running for the hills, but local seems to remain lekker. Moneyweb Markets DebraSlabber

During 2022, we saw significant movements in global markets, from both an equity and fixed income perspective. Risk-off, fear and uncertainty were the order of the day. On the local side, markets held up relatively well in comparison and this left local investors puzzled. Weak growth, a record amount of load shedding, high interest rates and an uncertain global backdrop are all factors that should send investors running for the hills, but local seems to remain lekker.

You just need the news to be less bad than what you expected. Then markets can rally. Read: There are still ‘reopening trades’ out there Valuations are cheap The JSE All Share Index reached an all-time high earlier this year, passing through 80 000 points – but the local equity index is a market cap-weighted index, meaning larger companies have a more significant impact on performance, skewing the picture somewhat. There has been a very narrow group of shares driving the market higher.

 

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