Building upon the positive momentum in April, May was once again a positive month with robust performance. Investor confidence has been buoyed by more favourable macroeconomic conditions, strategic sectoral shifts, legal challenges to the amok Trump administration, and a resilient property market. Overall market sentiment showed cautious optimism, supported by some encouraging company results, but was arguably saved by the SARB's 25 bps interest rate cut injecting a shot of optimism. The J803 SA All Property Index reflected this, ending the month up 4.22% in total returns (but key to note is that it was the last three trading days of the month that saved the Index from a down month). An undercurrent of caution remains given the prevailing economic uncertainties. The month was marked by a significant volume of financial results from key players, offering a granular view of a market navigating both persistent headwinds and emerging opportunities. Alongside these performance disclosures, substantial corporate activity, including high-stakes takeover battles and crucial capital management initiatives, painted a picture of a sector undergoing strategic repositioning. Key announcements and news included a barrage of year-end and interim financial results from companies including Burstone, Dipula, Emira, Equites, Exemplar, and Redefine. These reports collectively highlighted the varied impact of current market conditions across different portfolios and sectors. Pleasingly most results were positive, indicating continuing improvement in the sector’s operating results, and while the broader economic climate, particularly interest rate sensitivities and pressures on consumer spending, continued to shape operational realities, specific sub-sectors such as logistics and specialised retail demonstrated notable resilience. The mergers and acquisitions landscape was particularly active. Assura plc continued to be at the center of a new takeover offer from Primary Health Properties plc hoping to upset the leading bid from Sana Bidco Ltd (KKR & Co. L.P. and Stonepeak Partners LP). Similarly, MAS plc attracted competing interest from PK Investments Limited and Hyprop. Several themes emerged from the month's activities. Companies continued to navigate a challenging economic reality, focussing on cost containment and operational efficiency. Strategic repositioning through M&A and portfolio adjustments was evident, as was a concerted effort towards balance sheet prudence, with LTV ratios and debt management being critical areas of focus. However, underlying economic uncertainties suggest that investor sentiment will likely remain selective, favouring companies with robust fundamentals, clear strategic direction, and resilient balance sheets.