PROPERTY
Marked shift offshore since Zuma wielded axe
There has been a big shift of investment to offshore property stocks since March, which can be directly linked to the political uncertainty created by President Jacob Zuma’s cabinet reshuffle, in which respected finance minister Pravin Gordhan was axed. Ian Anderson, chief investment officer at Bridge Fund Managers, said on Thursday that up until March, investors were still looking to buy into South African funds, as offshore real estate had still been "underperforming relative to local stocks". "That all changed in the second and third quarters, with investors significantly adding to their offshore exposure. That coincided with a significant decline in business confidence in SA and a fairly significant downturn in local property fundamentals following the Cabinet reshuffle," said Anderson. This is borne out by the latest Anchor Stockbrokers newsletter, which shows that three of the four top-performing listed property stocks in terms of share price movement year to date have been ra...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.