JSE off to a flyer as commodity prices rally
The JSE made a promising start to the new year this week, with Anglo American and luxury goods maker Richemont doing the heavy lifting
Other diversified miners also stacked up well, as did the broader industrial sector, which includes retailers. These gains helped push the All Share index up 3% to 52,794.80 points, its highest level since September. "Our market has been well buoyed by the recent commodity [price] rally and, in my opinion, will continue to do so in 2017," said Vasilis Girasis, a trader at BP Bernstein Stockbrokers. "The All Share looks like it's breaking out from a technical point of view, so that is helping too." The local share market lagged its international peers last year, partly due to "black swan" events such as Brexit, which took a heavy toll on some JSE-listed stocks. In addition, the rand fared much better in the past year than initially anticipated, holding back large stocks that generate the bulk of their revenues in foreign currency. The US stock market, which tends to set the trend for global markets, is battling to maintain the post-election momentum that propelled major equity indice...
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