The All Share rallied 7.74% for the month on the back of broad based market gains. Resources and property were up 8.77% and 13.41% respectively. Financials rebounded 4.17% for the month, although the index remained down 31.68% on a year-to-date basis, with investors continuing to hold a bearish outlook on the sector. Cyclical counters were in favour during the month, particularly travel and leisure which surged 39%; benefiting from the easing of lockdown restrictions and with most counters in the sector already trading at attractive valuations. Sectoral headwinds are likely to continue as international travel is expected to remain subdued for the reminder of the year coupled with companies’ balance sheet fragility.