South Africa’s main stock gauge joined global peers in rising for a sixth consecutive day Monday, as investors cheered the optimism about the outlook under a Joe Biden U.S. presidency.
The FTSE/JSE Africa All Shares Index rose as much as 1.4% to the highest intraday level since Aug. 27, and was up 1% as of 9:48 a.m. in Johannesburg, as risk-on sentiment helped boost 101 of the 141 listed companies.
“The Joe Biden win saw risk assets gain momentum, with markets banking on more stability, while a divided congress will still ensure low interest rates for longer and potential fiscal stimulus,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in an emailed report.
