The JSE closed firmer on Friday as general retailers rebounded from oversold levels, led by Truworths, Woolworths and Mr Price, boosting the industrial index. The all share closed 0.67% higher at 52,794.80 points and the blue-chip top 40 added 0.76%. General retailers gained 3.90% and food and drug retailers 1.11%. Industrials lifted 1.09% and property 0.85%. The gold index shed 1.77%. General retailers and food and drug retailers were last year’s laggards, with the retailers losing 11%. Food and drug retailers have been negative since the start of the year, but added only a pedestrian 5.24% in 2016. The market was buoyed by this week’s trading updates from Truworths and Woolworths, indicating that the tide may soon be turning. However, retail sales growth figures to be released next week are still expected to be low. Retail sales are expected to show growth in November of only 0.1% after October’s 0.2% drop. The most recent retail sales update showed sales growth of 1.9% in the yea...
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