South Africa Stock Market

The FTSE/JSE All Share Index in South Africa closed 0.4% higher at 66,201 on Wednesday, lifted by financials and retailers after the South African Finance Minister revised downwards its budget deficit and debt forecasts for the 2020/21 fiscal year and projected a smaller contraction in 2020 than what it previously estimated in October. Mboweni disclosed that Treasury will bankroll South Africa’s Covid-19 vaccination programme without relying on tax increases and its funding will be provided through budget allocations, emergency withdrawals and, if needed, the contingency reserve. He said that a mass vaccination rollout would help boost GDP growth to 3.3% this year following a severe contraction of 7.2% in 2020, adding that South Africa could spend up to $1.33 billion over the next 3 years to vaccinate most of its population while avoiding a debt spiral. Meantime, the corporate tax income rate will be lowered to 27% next year, the first reduction since 2008. Historically, the South Africa Stock Market reached an all time high of 67736.96 in February of 2021. South Africa’s FTSE/JSE Africa All Shares Index is a market capitalisation weighted index. Companies included in this index make up the top 99% of the market capitalisation of all listed companies on the Johannesburg Stock Exchange.