The South African share market extended gains at lunchtime on Wednesday, but overall trading activity was lower and mainly concentrated in the industrial sector. The total value of the shares traded was about R3bn by midday, roughly half the daily average of about R6bn. Analysts have partly tracked the decline in trading volumes to the start of the northern hemisphere summer holiday season. Investors are also cautious ahead of US Federal Reserve chairperson Janet Yellen’s testimony on monetary policy to the US Congress. "The markets want to know two things from the [Yellen testimony]: are there going to be any more rate hikes, and when will the balance sheet reduction begin?" said James Hughes, chief market analyst at GKFX Financial Services. "I expect that [Yellen] will keep her hawkish tone on monetary policy and continue to push the balance sheet reduction move, but hints of a timeline are what we want to hear." The all share was up 0.61% to 52,695.4 points as industrial stocks a...
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