Fifth session of market gains
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