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Vol 37 No 18

Published 6th September 1996


South Africa

Gloomy boom

Speculators talking down the economy have helped create some bargain investments

South Africa's mood swings wildly and so do its financial markets. Less than a year ago, equity and bond markets were booming and the rand exchange rate was unusually stable and expected to stay that way. Foreign investors were running after South African securities, many for the first time. Retail investors snapped up Eurobond issues at yields of around 14 per cent and up to 17 per cent for a Eurorand issue by a Mexican parastatal bank.

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