South Africa’s stock market rose to a record high as prospects of interest-rate cuts combined with a global rally in risk assets.
“With imminent interest rate cuts and declining global inflation, we have seen renewed interest in the rand and the stock market, and we think valuations look very attractive, especially in domestic sectors like the banks,” said James Johnstone, co-head of emerging and frontier markets at Redwheel. Historically, South African shares have performed well following elections. 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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