JSE closes at record high as global markets surge on rampant stimulus measures
The JSE all share started November on a high note on Wednesday, coming within a couple of hundred points of the 60,000-point level. The market has been growing consistently since June, after three years of sideways movement. The all share broke through 57,000 points at the beginning of October and 58,000 last week. Wednesday’s performance brings the year’s gains in the all share to 17.5%. Naspers led the rand hedges, with retail, property and banking shares rising on a stable rand, despite the prospect of a sovereign credit-rating downgrade on the horizon. The rand firmed to R14.04 to the dollar in late trade, again confounding analysts, who were expecting it to lose ground on the subdued economy. Local bonds also strengthened on the day, despite offshore selling in the market. After weakening substantially following Finance Minister Malusi Gigaba’s disastrous medium-term budget policy statement (MTBPS) last week, the rand has held fairly steady this week. The local equity market tr...
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