Last week I started our in-house morning meeting highlighting how good local markets seemed to be having it.

The rand was trading at below R18.10/$, a level last reached in July 2023, the all-share index traded around a high of over 80,000 points, and bond yields had fallen by 60 basis points from their late April highs. The narrative that emerged in the wake of this bullish momentum was that the market was more relaxed about election outcomes...

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