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Assessing and promoting civil and minority rights in South Africa.

[Source: Bloomberg by Neo Khanyile.]

South Africa’s record-breaking stocks are a hard sell right now.

While Johannesburg’s benchmark index closed at an all-time high on Friday, political maneuvering expected over the next four months is causing foreign investors to limit their bets. The ruling African National Congress is due in December to pick a successor to President Jacob Zuma as party leader in a contest that so far has no clear front-runner.

“Tensions within the ANC have been rising, and the next leader will shape not only the party’s future, but also the country’s structural outlook,” said Soledad Lopez, an emerging-market strategist at UBS Group AG in New York. “The outcome of the ANC leadership race is too close to call. We expect volatility to continue as political uncertainty might increase in the run up to the ANC elections in December.”

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South Africa at a Glance
57 700 000 (mid 2018 estimate)
4.5% y/y in December 2018 (CPI) & +5.2 y/y in December 2018 (PPI)
2.2% q/q (3rd quarter of 2018)
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