Positive end to the week for the JSE as property stocks play catch-up
The JSE ended the week on a high note as property stocks caught up with the gains most other sectors made on Thursday. The major indices lifted the all share to its best daily percentage gain on Thursday since September 22, while the property index had closed weaker. The sector recovered, however, to add 2.36% on Friday. From oversold levels, market value leaders Growthpoint, Redefine, Resilient and Hyprop all attracted buyers. Property stocks were supported by banks and financials, continuing the upward trend from Thursday as risk-on trade remained in vogue, after the European Central Bank (ECB) on Thursday extended its stimulus programme to December 2017. Industrials also joined the party, with rand hedges benefiting from the weaker currency, but gold, resources and platinum shares ended the day in negative territory on softer commodity prices. By the JSE’s close, gold had shed 0.73% to $1,161 an ounce and platinum was 1.60% lower at $919. Brent crude, however, had added 0.22% to ...
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