JSE registers best weekly performance in a decade
Analysts expect that the index’s good fortunes may continue
The JSE snapped a five-week losing streak in spectacular fashion on Friday, with the 6.75% weekly gain in the all share the best performance since February 2009. Analysts expect that the index’s good fortunes may continue and could push to 56,000 points. It closed 1.29% higher at 54,271 points on Friday, largely as a result of Naspers, although banks had a good run as well. World stocks surged on Friday, boosted by comments by President Donald Trump that he is confident a trade deal can be brokered between his country and China. Market heavyweight Naspers led stocks higher, surging 13.29% during the week, while the banking index jumped 9.49%. The JSE’s rebound comes after a cumulative 11% fall in September and October, a period where most global equities markets were also under pressure. The market has recovered 50% of the bear wave, and the current rally could reach a support line at 56,413, said Nedbank Corporate and Investment Banking strategists Neels Heyneke and Mehul Daya in a...
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