Fifth ses­sion of mar­ket gains

The Star Early Edition - - BUSINESS REPORT -

STOCKS gained for a fifth con­sec­u­tive ses­sion yes­ter­day, reach­ing a 4-month high as bul­lion pro­duc­ers ad­vanced on global un­cer­tainty and re­tail­ers ral­lied on a bet­terthan-ex­pected sales up­date.

The rand re­treated, slip­ping more than one per­cent as jit­ters ahead of Don­ald Trump’s in­au­gu­ra­tion as US pres­i­dent damp­ened de­mand for risk cur­ren­cies glob­ally.

The JSE’s All-Share in­dex was up 0.7 per­cent at 53 158.54, its best since Septem­ber last year, while the bench­mark Top40 in­dex climbed 0.6 per­cent to 46 333.08.

Re­tail­ers gained sharply af­ter The Fos­chini Group (TFG) posted a 14.6 per­cent jump in Christ­mas sales, bet­ter than the firm had ex­pected. Shares in TFG, which sells cloth­ing and home­ware, rose to a 20-month high of R170.90, but pared gains to 5.3 per­cent at R168.50.

Stock trad­ing was be­low par with 212 mil­lion shares chang­ing hands, ac­cord­ing to pre­lim­i­nary bourse data, com­pared to the last year’s daily av­er­age of 296 mil­lion. – Reuters

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