JSE’s gains put it in touch of lifetime highs
SOUTH African stocks jumped more than 2 percent yesterday, gaining for the seventh straight session and coming within sight of lifetime highs on the back of a record global markets.
The gains were across the board with Africa’s top bullion producer AngloGold Ashanti the biggest advancer among blue chips, adding more than 5 percent.
“The underlying market trend remains quite bullish. In the year-end, the market often gets ahead of itself and then corrects itself in the New Year,” said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
The Top-40 index added a hefty 2 02 percent to 40 974.73, bringing it within 500 points of its record peak reached in November. Earlier in the session it surpassed the 41 000 mark for the first time since November 8.
The broader All-share index rose 1.83 percent to 45 735.26, about 550 points shy of its all-time high.
AngloGold gained 5.6 percent to R122.40. Charts suggest it may have been due for a technical rebound after its 14-day RSI, a momentum indicator followed by some analysts, strayed into oversold territory earlier this week.
Advancers outnumbered decliners 213 to 75 with 51 unchanged. – Reuters