FirstRand

FirstRand is a JSE-listed business that is a portfolio of integrated financial services businesses, offering a broad set of transactional, lending, investment and insurance products and services.

“…South African equity markets ended the year strongly, delivering a 62% return in US dollar terms, driven primarily by a rally in precious metals. Financials also performed well, returning 27%, with banks gaining 29%, outperforming life insurers at 22%, while the short-term insurance sector lagged with a 12% return. Although bank earnings growth remained broadly in line with expectations, the sector experienced a meaningful re-rating, supported by declining South African bond yields following an improved sovereign credit rating from S&P Global Ratings.”