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South Africa’s Record-Busting Stocks Set for More Gains in 2022

  • Weaker rand, accommmodative policy set to boost index
  • Volatility may weigh on returns amid global tightening cycle
The Johannesburg Stock Exchange in Sandton, South Africa.

The Johannesburg Stock Exchange in Sandton, South Africa.

Photographer: Guillem Sartorio/AFP/Getty Images

As it closes in on its best year since 2012, South Africa’s benchmark stock index is set for more gains on the back of a weakening rand, attractive valuations and supportive monetary policy.

The FTSE/JSE Africa All Share Index has posted multiple record highs as it climbed almost 20% this year, compared with a 7% retreat for the MSCI Emerging Market Index, as of Tuesday morning. In dollar terms, the Johannesburg gauge is up more than 10%, led by the travel and leisure sector and telecommunications companies.