So, we have been downgraded by S&P Global Ratings, and given a last warning by Moody’s, who say that in 90 days we must have a solid game plan to convince them not to downgrade us. Discussions at the weekend were extremely negative, with the outlook for this week also gloomy, and predictions of a weak rand and JSE taking up most of the WhatsApp chat discussions. However, we have seen the South African market surprise in the past and trade against all local negative press, to reach record highs (a story for another time). We have seen the rand firm after a Cabinet reshuffle and it looked like investor confidence would fall to zero, but instead companies listed on the JSE — always a positive sign. We have also seen foreigners and their local industry associates buying into the South African bond market with some bond sales being over-subscribed. All of this has been happening against a backdrop of a very negative economy, poor GDP growth, high unemployment, and a very uncertain politi...
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.