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.
Higher commodity prices, especially for precious metals and the impact on PGM miners like Goldfields and Impala, are also helping the bullish mood, according to Johnstone.
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