South African stocks have just closed out their strongest first half in 14 years, and investment banks are placing heavy bets on further gains for 2021.
With a 12% climb in the first six months of the year, the benchmark FTSE/JSE Africa All Share Index emerged as one of the best-performing stock markets across developing nations amid a global recovery from the Covid-19 pandemic, accommodative monetary policy and rising commodity prices, reports Bloomberg.
It is no wonder then that JPMorgan Chase & Co has just listed five South African companies among its top 10 picks within the Eastern Europe, the Middle East and Africa (EEMEA). And Bank of America is heavily overweight SA stocks, with local counters accounting for more than half of the bank’s Top 20 equities in its analysis of equities in the region, reports Business Live.
Across the waters, US stocks have now scored five straight quarters of gains, their longest such streak since 2017, powered by an economic recovery that many investors believe is still gathering pace, reports the Wall Street Journal.
If anything, the lockdown has had a positive effect on people’s commitment to save. Perhaps now may be a good time to turn that commitment up a notch and go for higher returns by investing in shares?
Here’s a roundup of the world’s most interesting headlines:
SA Business
Watch | ‘We are not scared’: Gunshots and protest on the way to Zuma’s Nkandla – TimesLive
SA Passport Bid: Home Affairs tells ‘fugitive’ Atul Gupta to take a hike – Daily Maverick
VBS: Indictment details the ‘corrupt gratifications’ driving illegal municipal investments in the doomed bank – Daily Maverick
US Business
Richard Branson plans first space trip days before Jeff Bezos blasts off – Bloomberg
Manhattan real estate prices reach new record as buying ‘frenzy; takes hold – CNBC
Global tax deal backed by 130 nations – AFP
Markets
Bitcoin price volatility reached a 14-month high in June – Forbes
Oil retains gains, hovers around $75 after Opec+ delays output deal – Investing.com
Most Asian markets rise after Wall St record, eyes on jobs data – AFP
In-depth
South Africa’s endgame – longer and more painful now? – Seeking Alpha
Is an oil price surge looming, and what could it mean for investors? – Hargreaves Lansdown
The rise and fall of Jack Ma and how it affects Naspers: From the FT – BizNews
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