The JSE pushed to its best level in a fortnight on Tuesday, as banks raced to record highs, having added more that R100bn to their market caps in just two sessions. Other consumer-orientated shares gained substantially for the second day running after the country’s deputy president, Cyril Ramaphosa, was confirmed as the new ANC leader, removing the uncertainty that has kept a lid on stocks that depend heavily on the local economy. The all share was up 1.67% to 58,669.30 points at lunchtime, logging its biggest one-day gain since mid-July, as banking stocks surged 6.63%, in line with a stronger rand environment and falling bond yields. Despite being on a generally better footing, the rand was weaker against the dollar on the day, with the stronger environment putting pressure on big rand-hedge shares, such as Sasol and Bidcorp. Ramaphosa narrowly beat former AU Commission chair Nkosazana Dlamini-Zuma to succeed President Jacob Zuma‚ whose tenure has been dogged by controversy. The ma...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.