Stocks in South Africa Expensive as Economy Falters, Novare Says

  • Average price-to-earnings ratio of 19 near historical high
  • Economy lacks growth catalysts, risks recession, analyst says

South African equities remain expensive compared with global peers and the risk of a recession next year is rising, according to the head of macroeconomic research at Novare Investments Pty Ltd., a manager of funds of funds.

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