The adage of sell in May looms large over markets at the moment.

Despite ending the day and the week weaker, the local bourse ended the month of April firmer, with listed property surging 9.9%, industrial metals 4.5% and resources 2.93%. The rand gained about 2% to the dollar in April. Despite this, emerging-market investors head into the first week of May with as many reasons to be gloomy as cheerful.

For all the support emanating from US stimulus plans, dovish central banks and rising commodity prices, worries over India’s Covid-19 crisis and talk of potential US tapering may give buyers pause.

Michael Avery spoke to Chris Holdsworth, chief investment strategist at Investec Wealth & Investment, about the market outlook for May.

Investec Wealth & Investment chief investment strategist Chris Holdsworth talks to Business Day TV about the market outlook for May

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