JPMorgan double upgrades SA to 'overweight' as JSE, rand rally on post-election optimism
JPMorgan, the world's largest bank by market value, has double upgraded SA assets on optimism that the new government of national unity was likely the best post-election outcome for the country's economy.
The US banking giant upgraded SA from underweight to overweight in its Central Europe, Middle East and Africa asset allocation on Tuesday, saying the tie-up between the ANC, DA, IFP and PA could usher in large offshore inflows into SA assets in the near-term. While JPMorgan said its short-term upgrade could continue into the long-term, it cautioned that risks to its assessment were that no Cabinet was in place yet and the GNU structure had not been tried in almost 30 years.
S&P Global Ratings also said on Tuesday that the GNU's nine-point agenda aims to prioritise structural reforms to address basic infrastructure and service delivery shortfalls and weak investments, while gradually narrowing fiscal deficits.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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