South Africa Consumer Confidence Improves to a Five Year High [BNN Bloomberg (Canada)]
FIRSTRAND LTD UNSP/ADR (FANDY)
NASDAQ:AMEX Investor Relations:
firstrand.co.za/investorcentre
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Source: BNN Bloomberg
A quarterly index measuring consumer sentiment compiled by FirstRand Ltd.'s First National Bank and Stellenbosch University's Bureau for Economic Research climbed to -5 in the three months through September from -10 in the previous quarter. It was the highest reading since the first half of 2019. “A confluence of positive developments has bolstered the confidence levels of South Africa's more affluent consumers over the last six months,” FNB Chief Economist Mamello Matikinca-Ngwenya said on Tuesday, citing the formation of a broad governing coalition following May 29 elections, improved electricity supplies, lower inflation and a stronger rand. Investor sentiment rallied after the African National Congress, which lost its parliamentary majority in the vote for the first time since 1994, opted to ally with centrist rivals including the Democratic Alliance rather than the left-leaning Economic Freedom Fighters and or the uMkhonto weSizwe Party of former President Jacob Zuma. “The
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