The JSE turned weaker at lunchtime on Thursday, signalling a drop in the momentum that has carried the all share to a series of record highs over recent weeks. The local share market has made large gains between June and now, with the all share gaining a hefty 18% during that period, as it played catch-up with other world markets. The big moves within this relatively short time period render the market vulnerable to a pullback, at least in the short term. “Markets are pausing to take stock before making their next move. We have been caught up in a strong global environment,” etfSA strategist and adviser Nerina Visser said. The all share was off 0.30% at 59,895.60 points at lunchtime, with all the main indices, apart from property, tracking lower. Europe’s leading markets were relatively flat at midday, amid a lack of fresh drivers. Oanda senior market analyst Craig Erlam said in a note that evidence suggested the “buy the dip mentality” was alive and well in the markets — but any co...
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