Risks around an election expected to be the most competitive since South Africa became a democracy in 1994 cloud the outlook for its stocks next year.
While 40 national elections are due globally in 2024, the vote in South Africa is on Bank of America Corp. strategists’ shortlist of the most market-relevant in developing countries. Turbulence around the poll — which is yet to be scheduled — threatens to curb the benefit to Johannesburg stocks from falling interest rates and a soft landing in major economies, investors say.