The people have spoken

Posted on

South Africa has just completed a very peaceful, non-violent local election process that was declared “free and fair” by the Independent Electoral Commission (IEC) without any fear of contradiction. This election proved to be the most competitive since the country became a democracy. Though the African National Congress (ANC) remains firmly in control of most […]


BREXIT: two weeks later …

Posted on

Two weeks after the United Kingdom voted to leave the European Union (EU) the focus of attention is in three different areas: the political turmoil that has erupted in UK politics, the widespread speculation about the response of the remaining members of the EU and the reaction of global equity, bond and currency markets. The […]


The downgrade uncertainty remains

Posted on

On Friday 3 June, the S&P Global Ratings agency published their 6 monthly review of the credit rating for South Africa’s long- and short-term foreign and local currency bonds. The outcome of the review was much more positive than many had expected, as S&P Global Ratings maintained their current rating of BBB-, which is one […]


Leadership versus politics

Posted on

South Africa has just dodged a ratings downgrade by Moody’s following the agency’s latest assessment visit to the country. However, the agency has retained its negative outlook, putting pressure on SA to revive its economic growth rate and create a healthier climate for investment, reports Business Day. The Moody’s decision, which comes after the rating […]


Pervasive political interference

Posted on

In a recent article published by Bloomberg, Sangwon Yoon provided some interesting insights into the changing nature of the drivers of global investment market behaviour. He points out that during the boom years, when China’s demand seemed insatiable and commodity prices dependable, the Emerging Markets team at Stone Harbor Investment Partners in New York visited […]


Resources shares run riot

Posted on

As 2016 dawned, it appeared as though it would be business as usual for the beleaguered global resources sector as the Bloomberg Commodity Index moved lower in the first two weeks of the new calendar year. This all changed on January 20 though. Without any prior warning, some of the resources sector share prices started […]


Picking up the pieces

Posted on

The policy error made by President Jacob Zuma in December last year, when he fired Finance Minister Nene and replaced him with unknown Desmond van Rooyen, is still priced into our investment markets. Even though significant pressure from a number of quarters led to the rapid reversal of President Zuma’s decision, the appointment of Pravin […]


Interim Report

Posted on

We realise that 2016 produced nothing short of a tumultuous start when measured by the performance of investment markets around the globe. Over the last few weeks you’ve been bombarded by doom and gloom headlines, including estimates of the trillions of dollars that have been lost as a result of a synchronised retreat in the […]


David who??…our new Finance Minister

Posted on

South African President Jacob Zuma fired Finance Minister Nhlanhla Nene in a shock move last night and replaced him with a little-known lawmaker, triggering the rand’s biggest decline in more than four years. Nene was removed from his position after 19 months and ahead of his “deployment to another strategic position,” Zuma said in a […]


Equity Market Oktoberfest

Posted on

Global equity markets rebounded unexpectedly and rather sharply in October following a poor showing in August and September. The worries about the vulnerabilities in Emerging Markets and the looming increase in interest rates in the USA seemed to evaporate as asset classes clawed back a large portion of recent losses. Leading the charge was the […]