South African Factory Sentiment Gains as Rate Cuts Get Under Way [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
Absa Group Ltd.'s Purchasing Managers' Index rose to 52.8 in September from 43.6 a month earlier, the Johannesburg-based lender said on Tuesday, though it noted the gauge has been volatile in recent months. Still, the increase took its average over the third quarter to 49.6 — just below the 50 threshold that demarcates expansion or contraction — compared with 47.9 in the second quarter. In addition, the index tracking expected business conditions in six months' time increased sharply to 70.8 points in September from 61.3 in August. That was the highest reading since January 2021, “indicating strong optimism about improving business conditions,” Absa said in a statement. The improvement echoes other signs of a brighter South African outlook after the formation of a broad governing coalition following May elections, in which the African National Congress lost its majority for the first time since 1994. Deputy President Paul Mashatile, leading an investor roadshow in the UK, tol
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