JPMorgan, Goldman Sachs See More Upside for South African Stocks
South African stocks are poised to extend their rally in the second half, buoyed by an improving outlook for the domestic economy and supportive monetary policy, according to JPMorgan Chase & Co.
The FTSE/JSE Africa All Share Index is up 23% this year in dollar terms, outperforming both the MSCI Emerging Markets Index and the S&P 500. JPMorgan expects the momentum to continue led by South Africa Inc. shares as they stand to benefit from local economic tailwinds.
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