Flash Briefing: SARB independence "insurance"; Markets will "melt-up"; EOH, MTN, TKG, DSY, INT

In Washington yesterday, South African Reserve Bank governor Lesetja Kganyago re-iterated the argument for an independent central bank, describing it as a shield against bad political leadership. The chief executive of the world’s biggest asset manager predicts global stock markets are poised for what he calls a “melt-up” as signs of economic health in the US and China encourage investors back into the markets. The share price of embattled tech business EOH yesterday surged on heavy trading volumes as investors gave a thumbs up to its decision to shed R1bn of non-core businesses and investments. The recent strength of South African share prices was evident again yesterday with the overall index gaining more than 1% with buying focus shifting this time to telecoms stocks.