The JSE held on to its earlier gains at midday on Monday, supported by big industrial stocks and as the resources market broadly recovered from last week’s sharp drop. The all share was up 0.70% at 51,188.40 points, as the industrial index rose 1.16%, and platinum miners regained 1.4% following a 3% decline last week. "The rebound was to be expected given that were are in an oversold territory in the short term," Afrifocus Securities portfolio manager Ferdi Heyneke said, referring to the all share, which dropped 2.64% last week, leaving it just under 1% stronger on a year-to-date basis. However, the fallout from the release of the Mining Charter last week continued to have a negative effect on sentiment in the gold sector. The charter calls on mining groups to increase their black ownership from 26% to 30% over 12 months, among other requirements. Gold miners lost 3.44%. The local share market has come under significant pressure following the release of the poor first-quarter GDP da...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.