South African stocks rally: tech and banks lead

South African stocks hit 11-year highs: naspers and banks drive Q3 surge

South African stocks are on a record-setting rally, driven by strong performance in tech and banking sectors. Analysts anticipate further gains as interest rate cuts and government reforms bolster investor confidence.

South African stocks hit 11-year highs: naspers and banks drive Q3 surge

South African stocks are seeing their strongest third-quarter performance in 11 years, with the FTSE/JSE Africa All Share Index rising 10% over the past three months. Leading the charge are Naspers Ltd., benefiting from Chinese economic stimulus, and banks, which are buoyed by optimism around falling interest rates.

 

Learn how to trade popular assets with Top Forex brokers in South Africa

 

Analysts remain positive about further growth, driven by the beginning of a global interest rate-cutting cycle and hopes for economic reforms under South Africa’s new coalition government. A recent Bank of America survey revealed that 67% of fund managers view local equities as undervalued. However, some caution persists due to uncertainties around China and concerns over possible market overbought conditions.

 

Subscribe for our newsletter

Get Forex brokers reviews, market insights, expert analytics and education material right into your inbox for free!

You can unsubscribe any time by clicking the link in our letters.