Retailers and banks lead gains on the JSE

Retailers and banks led the JSE gains yesterday, while global markets were mixed as investors weighed up the prospects of economic recovery against the threat of Covid19 in some countries.

The local bourse gained for the second day this week, gaining the most in a month on Wednesday as markets rebounded from comments made by the US treasury secretary about interest rates.

“After a solid run-up in the previous session, gains were harder to come by [Thursday]. Even so, global bourses gave it a good shot in early trade before slipping lower.

“The positive tone remains as investors digest a slew of corporate earnings and upbeat data,” Oanda market analyst Sophie Griffiths said.

The JSE all share gained 0.39% to 67,608.89 points and the top 40 0.28%.

Retailers rose 2.24%, banks 1.85% and financials 1.74%.

Nedbank led the gains in its sector, rising 2.55% to R149.60. FirstRand added 2.36% to R52.44, Standard Bank 2.04% to R120.41, Capitec 1.65% to R1,542.04 and Absa 1.30% to R122.97.

In retailers, TFG led the gains, rising the most in more than seven weeks, up 3.78% to R120.39.