Better news from China on Tuesday gave South African stocks the boost they needed to erase their losses for 2022.
The main index climbed as much as 1.1% as Chinese markets rebounded, briefly wiping out this year’s declines, with sentiment soothed by an easing in the protests over Covid restrictions that had unnerved global investors. The gains are a reminder of how South African equities stand to benefit from China reopening its economy, given the influence of commodities, technology and even luxury retail on the Johannesburg bourse.
South African stocks have rallied 16% since hitting their low for the year in late September. They’ve surged 10% since the start of November, on course for their strongest month in two years. Click here to read full article