The JSE all share traded above the record 60,000-point level on Monday before closing marginally lower as miners led early gains while banks recovered strongly after the rand regained some lost ground. If trends continue, the all share is set to end 2017 with its biggest one-year gain since 2012, when the index added 22.71%. It is up 18.4% in 2017. An important lesson from 2017 was that returns were lumpy, said Old Mutual Multi-Managers analyst Dave Mohr. “While the JSE all share is up strongly for the year, February (-3.1%), May (-0.4%), June (-3.6%) and September (-1.67%) were negative months,” he said. The strong local equity returns so far in 2017 have come entirely from large caps, the big global companies on the JSE — including Naspers, Richemont, British American Tobacco and Anglo American. The top 40 index has returned 22% in 2017, but the small-cap index is down 2.8% and the mid-cap has shed 2.2%. Naspers is up 75.8% since January, while the dollar has gained just more than...

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