MARKET WRAP: JSE firms on upbeat local data and bullish global markets
The JSE pushed higher on Wednesday, tracking buoyant global markets, and following a glimmer of hope of better-than-expected local economic growth for the third quarter. The day started auspiciously, with Chinese markets closing at multi-month highs, after Chinese President Xi Jinping, on Wednesday, urged the government to play a greater role in the economy. Analysts said positive sentiment in global markets was likely to continue for the next few weeks, amid signs of positive third-quarter corporate results. At the close of the JSE, both the Dow and the German DAX had reached record highs. Locally, upbeat retail sales data helped lift that sector, with the JSE subsequently reversing earlier losses. Retail trade sales rose by a significant 5.5% year on year in August, beating a Trading Economics forecast of 2%. This was the best performance since 2013, supporting the view that SA’s economic growth this year would surprise to the upside, said Capital Economics analysts. The all share...
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