July 6, 2021
Emerging markets are a key part of a well-diversified growth portfolio, but COVID has hindered how many think about which markets make the best investments. J.P. Morgan is more than bullish on South Africa, which closed the best opening half in well over a decade. The FTSE/JSE Africa All Share index climbed 12% in the first six months, outpacing other developing markets. J.P. Morgan is bullish on domestic stocks from banks to industrial commodities. The success is largely linked to the recovery and commodities rally. This is why FTSE/JSE has outpaced general EM indices like the MSCI gauge by more than 5%. J.P. Morgan says economic optimism and boosted earnings are causing prices to go up, but they are still far from overvalued.
FINSUM + Magnifi: South Africa is one of the strongest emerging market countries. With India and parts of Asia still struggling to overcome COVID, South Africa could be the linchpin to success in EM.
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