South Africa’s local-currency bonds are the second best-performing in emerging markets this quarter with returns of 13% in dollar terms, compared with an average drop of 2.4% among peers.
While the start of monetary policy tightening in the US and war in Ukraine spurred weakness for most risk assets, the newsflow favored South Africa. Commodity prices have soared, boosting the Johannesburg stock market and the local currency.
Africa’s most industrialised economy attracted investors during the first quarter because of the surge in commodity prices and its distance from the conflict in Europe, said Lester Davids, a strategist at Unum Capital in Johannesburg.
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