JSE stabilises after sell-off, with banks and insurance stocks recovering well
The JSE showed tentative signs of recovery on Wednesday, following days of unrelenting selling, which left the all-share near correction territory — technically defined as a drop of at least 10% from a recent peak.The all share edged up 0.11% to 56,439.60 points by lunchtime, boosted by a strong recovery in banks and insurance stocks. However, continued selling in mining stocks and other large-cap industrial shares tempered gains in the local share market.Financial stocks rebounded along with retailers, coinciding with increased speculation that President Jacob Zuma is due to step down, making way for his deputy Cyril Ramaphosa, who is perceived as pursuing business-friendly economic policies."The ‘will he, or won’t he go?’ question seems to finally be close to resolution, if the headlines are to be believed," Standard Bank trader Warrick Butler said in an e-mail note.Speculation reached fever pitch after Parliament postponed the state of the nation address and the ANC postponed a s...
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