{"id":65199,"date":"2024-04-27T17:26:28","date_gmt":"2024-04-27T17:26:28","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january"},"modified":"2024-04-27T18:37:19","modified_gmt":"2024-04-27T18:37:19","slug":"south-african-stocks-hit-highest-levels-since-january","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january","title":{"rendered":"South African stocks hit highest levels since January"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South African stocks touched their highest levels since January, Eurobonds rose, and the rand surged by the most this year after the publication of an opinion poll, which was seen boosting the odds of a market-friendly coalition emerging from national elections next month.<\/p>\n

The South African currency advanced as much as 1.7% to 18.7223 per dollar, its biggest increase since mid-December on a closing basis and the biggest gain among emerging-market currencies globally on the day, after a poll by Ipsos showed backing for the ruling African National Congress dropping to 40.2%. That\u2019s down from 40.5% in a survey published on Feb. 6, and 43% in October.<\/p>\n

Meanwhile, support for the main opposition Democratic Alliance strengthened to 21.9% from 20.5% in February, the poll showed.<\/p>\n

\u201cThe poll is market- and rand-supportive because it shows lower support for the ANC and higher support for the DA, suggesting the ANC will need support, and that the DA could bring that in a possible coalition that would likely be rather market-friendly,\u201d said Se\u0301bastien Barbe\u0301, head of emerging-market research and strategy at Credit Agricole.<\/p>\n

A coalition between the two parties could be pro-reform and in favor of larger participation of the private sector in the economy, Barbe\u0301 said.<\/p>\n

The poll suggested that the newly formed uMkhonto weSizwe Party, backed by former President Jacob Zuma, is pulling some support away from the leftist Economic Freedom Fighters. Ipsos placed the EFF at 11.5%, down significantly from 19.6% in February. The Zuma-backed MKP was at 8.4%.<\/p>\n

The benchmark FTSE\/JSE All Share Index was up 1.7% to trade at its highest since Jan. 2. Yields on benchmark rand-denominated bonds fell 18 basis points to 12.28%, the most in a day since Dec. 14.<\/p>\n

South Africa\u2019s dollar-denominated bonds were nine of the ten best performers on Friday in a Bloomberg index of emerging and frontier hard-currency debt.<\/p>\n

The Ipsos poll was based on the views of 2,545 registered voters. Interviews were conducted by Ipsos interviewers in the homes and home languages of respondents, the company said.<\/p>\n

Interviews were conducted from 9 March 2024 to 15 April 2024. The vote is slated for May 29.<\/p>\n

\u201cIPSOS were the polling agency that were the closest to getting the end result right\u201d in 2019, said Razia Khan, head of research at Standard Chartered Bank.<\/p>\n

\u201cBut we caution \u2013 still \u2013 that quite a lot can change before election date, given the ANC\u2019s traditional strength in rallying voters ahead of the polls.\u201d<\/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. South African stocks touched their highest levels since January, Eurobonds rose, and the rand surged by the most this year after the publication of an opinion poll, which was seen boosting the odds of a market-friendly coalition emerging from national elections next month. The South African currency advanced as much as 1.7% […]<\/p>\n","protected":false},"author":84,"featured_media":65197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-65199","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":"\nSouth African stocks hit highest levels since January - South Africa<\/title>\n<meta name=\"description\" content=\"South African stocks touched their highest levels since January, Eurobonds rose, and the rand surged by the most this ye ...\" \/>\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\/south-african-stocks-hit-highest-levels-since-january\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South African stocks hit highest levels since January\" \/>\n<meta property=\"og:description\" content=\"South African stocks touched their highest levels since January, Eurobonds rose, and the rand surged by the most this ye ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january\" \/>\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=\"2024-04-27T17:26:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-27T18:37:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1714230363.221062.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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=\"3 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\/south-african-stocks-hit-highest-levels-since-january#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South African stocks hit highest levels since January\",\"datePublished\":\"2024-04-27T17:26:28+00:00\",\"dateModified\":\"2024-04-27T18:37:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january\"},\"wordCount\":409,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/04\/sm_1714230363.221062.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\/south-african-stocks-hit-highest-levels-since-january#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-african-stocks-hit-highest-levels-since-january\",\"name\":\"South African stocks hit highest levels since January - 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