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Goldman says South African market ‘tough’ before election

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Assuming the vote is trouble-free, 'we could see quite a significant pickup in foreign interest in both equities and debt,' said Simon Denny.

South African investors are holding off on big moves before the vote next month, Goldman Sachs Group said, as the elections shape up to be the most pivotal in 30 years. Assuming the vote is trouble-free, “we could see quite a significant pickup in foreign interest in both equities and debt,” said Simon Denny, chief executive officer for South Africa at Goldman.

The market remains tough,” Denny said. “But we have capital on the ground and everything in place to continue to grow our businesses.” Polls indicate the ruling African National Congress could lose its majority and potentially be forced into a coalition government. Elsewhere in the region, governments are looking past persistent inflation, high interest rates and dollar strength as debt sales resume after a two-year hiatus.

 

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