South African Miners Still Cheap After Annus Mirabilis: Chart

Investors who bought South Africa’s mining index at the bottom of an 18-month slump would have doubled their money in the past year as the recovery in commodity prices sparked the best annual rally since 2001 for the 16-member gauge. Even after the index extended gains in 2017, the country’s miners remain near their cheapest on record relative to emerging-market peers, suggesting the rally may have legs.

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