OPTIMISTIC OUTLOOK
Local fund managers are most bullish about JSE in years, survey shows
Local fund managers are the most bullish they have been on domestic equities since 2013, forecasting an average level of 64,000 in 2018 for the JSE’s all-share index, according to Bank of America Merrill Lynch. While "bearishness" described the mood heading into the ANC elective conference in December, "bullishness" among equity managers shot up in January, said John Morris, strategist at Bank of America Merrill Lynch, which surveyed fund managers in January. The Alsi rallied after the announcement of Cyril Ramaphosa’s victory, shooting up to its highest level yet in the first few weeks of 2018, as the market took a more optimistic view of SA’s prospects under a Ramaphosa-led ANC. Bank of America Merrill Lynch had upwardly revised its GDP growth forecast for SA from 1.5% to 1.8% in 2018, said Morris. Goldman Sachs, meanwhile, revised its growth forecast for the country from 1.5% to 2.3% following the ANC conference, saying in a January report that SA was the emerging market to watch...
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