The FTSE/JSE Africa All Share Index increased as much as 1.1% by 11:18 a.m. in Johannesburg, the highest level in data going back to July 1995.The banking stocks were among the leaders, with the share prices of Standard Bank and FirstRand Ltd also soaring to all-time highs.
Higher commodity prices, especially for precious metals and the impact on PGM miners like Goldfields and Impala, are also helping the bullish mood, according to Johnstone.The outcome of this year’s ballot brought an extra boost after the ruling African National Congress entered into a coalition government that included the Democratic Alliance, perceived by investors as business-friendly.
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