Business Maverick: Traders Unfazed by South Africa’s Much-Ado-About-Nothing Budget

📆 24/06/2020 1:47 a. m.
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Traders bracing for Tito Mboweni’s emergency budget on Wednesday have a message for the South African finance minister: tell us something we don’t already know.

by as much as 16% this year, the budget deficit may widen to levels last seen more than a century ago, and government debt is heading off the chart. That’s old hat, said Peter Takaendesa, head of equities at Mergence Investment Managers in Cape Town.

That’s why traders like Takaendesa aren’t too worried about being deluged with potentially market-moving data when the Treasury publishes the budget documents at about 3 p.m. Johannesburg time, on its website, at the same time that Mboweni starts his televised address to lawmakers.

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