(3 Minutes Read)
Since the vote on May 29, South Africa’s stock market has returned 7.8% in dollar terms to investors, placing it among the top 10 primary equity indices worldwide during this period.
The FTSE/JSE Africa All Share Index increased as much as 1.1% by 11:18 a.m. in Johannesburg, the highest level in data going back to July 1995. The benchmark gauge has climbed for the past four days, the longest advance in about three months. The banking stocks were among the leaders, with the share prices of Standard Bank and FirstRand also soaring to all-time highs.
Higher commodity prices, especially for precious metals, and the impact on PGM miners like Goldfields and Impala, are also helping the bullish mood. 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.
Since the vote on May 29, South Africa’s stock market has returned 7.8% in dollar terms to investors, placing it among the top 10 primary equity indices worldwide during this period.
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Meanwhile, the rand gained for a ninth consecutive day on Friday, its longest winning streak since 2011, making it the best-performing currency globally.
