Bloomberg News

South African Stocks to Rebound 15% in 2012, Citigroup Says

December 14, 2011

Dec. 14 (Bloomberg) -- South African stocks will climb more than 15 percent in 2012, recovering from their worst performance in three years, as rising mining production and domestic demand boost earnings, Citigroup Inc. said.

A high portion of domestically sourced earnings add to the “defensiveness” of Africa’s biggest economy, compared with other emerging-market peers, Richard Schellbach, South Africa strategist at Citigroup, said in an e-mailed comment yesterday. The FTSE/JSE Africa All Share Index has declined 1 percent this year, the worst since a 27 percent slump in 2008.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at

To contact the editor responsible for this story: Peter Branton at

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