Some of these companies have recovered faster from Covid than many in the market anticipated, said Kaitlin Byrne, a Cape Town-based equities fund manager at the firm. They offer an alternative for investors to the Johannesburg market’s large resources segment, she said in an interview.
South Africa’s economy is back at the size it was before the pandemic struck, after expanding 1.9% in the three months through March, a potential boost for the financial sector. While the country's main stock index slipped 10% in the first half, that was a better performance than the benchmark for emerging-market shares, which slumped twice as much.
The Foschini Group is an example of a company that has bounced back from Covid better than anticipated. Sentiment around the Cape Town-based retailer just after Covid signaled"a very slow trajectory, but earnings came back a lot faster than the market had priced in," Byrne said. The company swung from a loss to a profit when it reported full-year earnings on June 10.
MTN was valued by some purely on its South African operations, with a larger-than-justified discount on its businesses elsewhere because of regulatory and other risks, Byrne said. MTN’s attractiveness was increased by its businesses in Nigeria - its largest market - and Ghana, which are currently growing above 20% annually, she said.
Fin24 The Boere ,Xhosa's and Zulu's fhought and died for nothing 😢.
Fin24 Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met BernardMason07 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks BernardMason07
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
Source: BusinessTechSA - 🏆 24. / 61 Read more »