JSE’s gains put it in touch of life­time highs

Weekend Argus (Saturday Edition) - - LIFE -

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

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