South African Banks Rally as JPMorgan Upgrades on Macro Outlook
Summarize this article with:
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000The FTSE/JSE Banks index is on track for an all-time-high close.An index of South African banking stocks climbed to a record high on Thursday after JPMorgan Chase & Co upgraded the country’s financial sector to overweight, citing an improving macro backdrop, attractive valuations and a positive earnings outlook.“While gross domestic product growth is unexciting, momentum in structural reforms and recent sovereign rating upgrades are positive developments reinforcing a higher-quality growth in 2026,” JPMorgan analysts including Baron Nkomo wrote in a report.