Appetite for emerging markets lifts rand and equities
More and smaller, maybe unnoticeable, favourable geopolitical and economic indicator changes occurred that seemed to turn the tide of negative sentiment.
The turnaround in the South African business confidence index in September to 92.4 up from the 89.1 level in August gave some impetus towards an improvement in the economic climate.
Although the August mining (-3.8percent) and manufacturing (-1.8percent) production data were disappointing, the seasonal adjusted quarter-on-quarter numbers started to show improvement, an indication that the South African economy may show a positive growth rate during the third quarter.
The more important domestic event of the week was the first meeting of the newly established Presidential Economic Advisory Council chaired by President Cyril Ramaphosa on Wednesday.
Source: iol.co.za
