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Business confidence falls for fourth straight quarter

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Investors are sceptical about President Cyril Ramaphosa's ability to bring in reforms ahead of elections in May.

The Rand Merchant Bank business confidence index compiled by the Bureau for Economic Research fell to 28 points in the first quarter from 31 points in the fourth quarter last year, dropping further below the 50-mark that separates net positive and negative readings.

In the first quarter, the business confidence index hovered very close to the low of 27 points hit in the second quarter of 2017, according to the survey of 1,700 business people.

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