{"id":63757,"date":"2024-04-06T07:09:36","date_gmt":"2024-04-06T07:09:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa"},"modified":"2024-04-06T07:23:04","modified_gmt":"2024-04-06T07:23:04","slug":"investors-turn-sour-on-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa","title":{"rendered":"Investors turn sour on South Africa"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>A slump in South African dollar bonds has made them the biggest laggards in developing markets this year, reflecting concern among investors that a market-unfriendly coalition government may emerge from next month\u2019s elections.<\/p>\n

Holders of South Africa\u2019s Eurobonds have suffered a 4.4% loss, a worse performance even than Senegal, where postponed elections shook sentiment.<\/p>\n

In contrast, the average return for emerging markets in Bloomberg\u2019s sovereign hard-currency index in 2024 is a positive 1%.<\/p>\n

South Africans head to the polls on 29 May in the toughest test for the ruling African National Congress since it came to power in 1994.<\/p>\n

Discontent over years of rolling power blackouts and the party\u2019s record in dealing with corruption could reduce the ANC\u2019s share of the vote below 50%, forcing it into partnership with one or more rivals to continue governing.<\/p>\n

\u201cSouth Africa\u2019s weaker performance this year has to do with foreigners\u2019 unease with our upcoming elections and the potential for an unfavourable coalition outcome,\u201d said Thalia Petousis, a Cape-Town-based portfolio manager at Allan Gray.<\/p>\n

Investors are most wary of \u201cexpensive and populist initiatives\u201d like the proposed National Health Insurance system, or the expropriation of land without compensation advocated by the Economic Freedom Fighters, currently the third-biggest party in parliament, Petousis said.<\/p>\n

\u201cSouth Africa can either ill afford these \u2014 or they might be executed ineffectively,\u201d she said in emailed comments. \u201cIn short, the market is nervous about the elections.\u201d<\/p>\n

One March opinion poll showed support for the ANC dwindling below 40%, with the party losing ground to one founded by former President Jacob Zuma.<\/p>\n

Carmen Altenkirch, an analyst at Aviva Investors Global Services, said such a result would increase the magnitude of any potential selloff.<\/p>\n

\u201cWe will be watching polls very closely in order to determine whether there is a greater risk that the ANC is forced into a coalition with the EFF, which is something that the market isn\u2019t pricing for at the moment,\u201d Altenkirch said in an interview.<\/p>\n

In a sign of increasing nervousness in markets, the cost of insuring exposure to South Africa has risen, with credit default swaps climbing 53 basis points so far in 2024.<\/p>\n

Similar measures for peers have remained relatively flat.<\/p>\n

Meanwhile, Citigroup\u2019s latest survey of credit-market investors suggests sentiment toward South Africa has deteriorated.<\/p>\n

South Africa emerged as the most underweighted country for 29% of survey respondents, with only China \u2014 at 55% \u2014 ranked as less popular among investors.<\/p>\n

\u201cOf all the changes to views on overweight\/underweight, the view on South Africa has moved decidedly more negative,\u201d Citigroup analysts, including Luis Costa, wrote in a note to clients dated 3 April.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. A slump in South African dollar bonds has made them the biggest laggards in developing markets this year, reflecting concern among investors that a market-unfriendly coalition government may emerge from next month\u2019s elections. Holders of South Africa\u2019s Eurobonds have suffered a 4.4% loss, a worse performance even than Senegal, where postponed elections […]<\/p>\n","protected":false},"author":84,"featured_media":63756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-63757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nInvestors turn sour on South Africa - South Africa<\/title>\n<meta name=\"description\" content=\"A slump in South African dollar bonds has made them the biggest laggards in developing markets this year, reflecting con ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investors turn sour on South Africa\" \/>\n<meta property=\"og:description\" content=\"A slump in South African dollar bonds has made them the biggest laggards in developing markets this year, reflecting con ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-06T07:09:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-06T07:23:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1712375448.238566.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Investors turn sour on South Africa\",\"datePublished\":\"2024-04-06T07:09:36+00:00\",\"dateModified\":\"2024-04-06T07:23:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\"},\"wordCount\":448,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1712375448.238566.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/investors-turn-sour-on-south-africa\",\"name\":\"Investors turn sour on South Africa - 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