It is trite to say that this has been a topsy-turvy year on the JSE. Many analysts will begin their festive season in a shell-shocked state. After barely recovering from 9/12, when then finance minister Nhlanhla Nene was unceremoniously dumped by Number One, the all share showed serious dips at the end of March and at the end of June, hitting a high of 53,905 in-between after momentarily breaching 54,000 points in intraday trade. From then on, it drifted weaker while holding mostly above 50,000 points, if with little conviction, as the market digested myriad challenges. One view is that the market has held up quite well under the circumstances. But clearly the necessary conditions for it to thrive were not in place. Stanlib investment stalwart Paul Hansen refers to the "extraordinary scepticism" the market endured over the year. He sees it as positive because buying opportunities were created. The resources-10 index is a case in point, jumping 30% in 2016, but still trading at the ...
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