Bourse recovers, boosted by Truworths

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS edged up yesterday after two consecutive sessions of falls.

The JSE Top40 index ended 0.83 percent up at 43 813.06 points and the broader all share index rose 0.89 percent to 49 366.6 points.

Truworths was among the top gainers after the retailer said that it had started talks to buy a British shoe chain.

which had yet to make a formal offer for privately owned Office, was willing to pay £300 million (R6.2 billion), according to the UK’s Sunday Times. In reaction, shares in the apparel seller climbed 3.85 percent to R89.58.

Truworths,

Buying Office, which sold men’s, women’s and sports footwear in a mid-level price range, would help Truworths diversify away from its home market, said Chris Gilmour, an investment analyst at Absa Wealth.

Overall, investors refrained from making large bets ahead of the US Federal Reserve policy meeting.

“With the Fed meeting this week, volatility should continue for the balance of this week,” said Vestact, a boutique asset management firm in Johannesburg.

The stock market volatility index, commonly known as the “fear index”, has jumped more than 30 percent over the past four weeks on concerns of a China-led global economic slowdown.