Investors Remain Wary of South Africa Rally, Top Bank's CEO Says [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
NASDAQ:AMEX Investor Relations:
reporting.standardbank.com
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Source: BNN Bloomberg
The formation of a government of national unity, led by President Cyril Ramaphosa after May elections, sparked renewed confidence in local markets as the coalition includes parties considered business-friendly such as the Democratic Alliance. The rand has turned its fortunes around to become one of the biggest gainers against the dollar among emerging currencies this year, and both local and hard-currency bonds have outperformed peers from developing economies. Still, many international investors remain wary, Sim Tshabalala, chief executive officer of Standard Bank Group, said at Bloomberg's Future of Finance event on Wednesday. “People burnt their fingers and they're waiting to see greater economic activity,” he said, referring to the euphoria that followed Ramaphosa's rise to power in 2018. Back then, markets rallied on expectations of economic reforms, but progress has been slow, leaving investors cautious about re-entering too soon. “If this is sustained, the execution of
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