Denker Capital, the asset manager spun out of Sanlam in 2015 says SA investors need to moderate their expectations for local equities in 2022, though it believes the bourse could still deliver double-digit returns even after last year’s bull run.

The JSE all share index defied the prophets of doom in 2021 when it rallied 24.1%, despite index heavyweights Naspers and Prosus losing 18% and 18.3% respectively. That was partly due to a surge in resource stocks on a commodity market rally led by Royal Bafokeng Platinum (up 139%), Anglo Platinum (26%) and Glencore (73.3%), as well as a small caps index that surged 52%...