JSE at a four-month high as golds soar and banks and financials soften
The JSE hit a four-month high on low turnover as gold shares and retailers strengthened but banks and financials weakened
The JSE closed firmer on Monday in low-volume trade due to Martin Luther King Day in the US while gold shares soared on safe-haven demand. General retailers also recovered. The all share closed at a four-month high, but volume came to only R13bn from Friday’s R16bn. Gold shares were in favour as the gold price held above $1,200 an ounce in a continued recovery from the weaker trend after Donald Trump’s election on November 8. At the JSE’s close, the gold price was 0.54% higher at $1,203.48 an ounce. Banks were lower despite JPMorgan Chase posting record earnings growth on Friday. The pound tumbled before British Prime Minister Theresa May’s keenly awaited speech on Brexit on Tuesday. The market expects a "hard Brexit" announcement. The European Central Bank will meet on Wednesday and Donald Trump will be inaugurated as US president on Friday amid uncertainty about his policies. The all share closed 0.69% higher at 53,158.50 points, and the blue-chip top 40 gained 0.58%, with general...
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