MARKET WRAP: Soaring retailers lift JSE, bonds firm and rand gains ground
The JSE all share pushed its gains for January to 4.23% on Friday as retailers zoomed up following a market pleasing sales update from Truworths on Thursday. The rand also improved as the dollar remained out of favour after the fiasco of president-elect Donald Trump’s media briefing this week. The JSE 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%. The market was buoyed by this week’s trading updates from Truworths and Woolworths, indicating that the tide may soon be turning for general retailers, which lost 11% in 2016. Truworths leapt 7.82% to R82.01, Woolworths 3.76% to R68.48 and Mr Price 4.22% to R159.35. Richemont was 0.75% higher at R103.66, ending the week 14.6% firmer. Steinhoff added 2.43% to R70.85. Retail trade numbers for November are due on January 18, but only marginal growth is expected. Denk...
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