Bets on Ramaphosa Help S. African Stock Rally as Risk Wanes
- Optimism over ANC contest adds to commodity gains, weaker rand
- Technical signals point to most powerful momentum since 2013
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Buoyant commodities and a weaker currency have already made South African stocks a tasty treat for investors. Now, some are betting on politics to add to the flavor.
Advancing raw-material prices and the rand’s plunge to the lowest level this year boosted exporters’ shares, sending the benchmark gauge in Johannesburg to a record. Yet, some money managers have remained doubtful on how far the rally could go given President Jacob Zuma’s political maneuvers to sideline market-friendly opponents in the contest to succeed him.