While the start of monetary policy tightening in the U.S. and war in Ukraine spurred weakness for most risk assets, the newsflow favoured South Africa. Commodity prices have soared, boosting the Johannesburg stock market and the local currency.
“Higher commodity prices have benefited South Africa’s trade balance, and the geopolitical tensions have seen funds flow out of Russia and into other parts of emerging markets, with South Africa also being a beneficiary of the re-allocation,” he said.Appealing Equities Gold miners have been among the biggest contributors to the gains as Russia’s invasion of Ukraine spurred demand for bullion.
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