South Africa’s shares boom amid global trade turmoil

South Africa’s stock market hit record highs, providing a reprieve for the government amid escalating trade tensions with Washington.

Boosted by a jump in revenues for Naspers, the country’s largest listed company, the Johannesburg Stock Exchange was on pace for its best month in nearly a year, during which it has outperformed the markets of both the US and peer countries.

It comes as investors have piled into South African bonds as they seek alternatives to US assets.

However, the country’s governing coalition still faces huge economic challenges: Youth unemployment is among the highest in the world, while the economy is expected to expand just 1% this year, far below the continental average of 3.9%.