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Bank of America (BofA) Securities says its financial models show the JSE all share index could rally 12% over the next year, after growth of 24% in 2021, despite a tightening of monetary policy that is likely to cause the Reserve Bank to raise interest rates by a cumulative 100 basis points in 2022.

BofA Securities expects the all share index to reach about 81,000 points in 12 months, up from 72,314 at Tuesday’s close. That is despite the unit of the US banking group forecasting economic growth of just 1.8% for SA in 2022, while it also lowered its 2021 growth estimate to 4.6%, from a previous 5.1% after the economy suffered a third-quarter contraction due to the unrest and looting in July 2021...

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