MARKET WRAP: JSE in sight of 60,000 points after broad-based gains
The JSE extends its gains to an eighth consecutive session, buoyed by dovish commentary by US Federal Reserve chair Jerome Powell, as well as Chinese stimulus
The JSE’s winning run continued on Monday, with the bourse seeing broad-based gains, as global stocks pushed higher due to a combination of additional Chinese stimulus and dovish US Federal Reserve testimony.The all share rose 1.46% to 59,655.6 points and the top 40 1.54%. It last breached 60,000 points in February.Banks jumped 3.2%, gold miners 2.76%, resources 2.04% and food and drug retailers 1.96%.US markets continued their push into record territory, including the tech-heavy Nasdaq, which breached 8,000 points for the first time. Most global markets were also positive, given a boost from comments by US Federal Reserve chair Jerome Powell that the bank will stick to its policy of only gradually raising interest rates.The rand was initially under some mild pressure, however, as the Turkish lira slipped against the dollar, as markets in that country resumed trading after a week of public holidays. It recovered, however, soon after the JSE’s close.Gains on the bourse were broad-bas...
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.