MARKET WRAP: JSE adds 1% in broad-based gains despite headwinds
The local bourse kicks off the week in positive territory, despite rising concerns over US-China trade relations and looming risk events
The JSE continued its recovery on Monday, brushing off the cautious tone on world markets, ahead of a busy week. The local bourse benefited from a four-day global stock rally last week, enjoying its own correction as it recovered from a slump in September and October. Analysts say the JSE could push higher as this technical correction continues. The all share added 1.19% to 54,915.7 points and the top 40 1.24%. Food and drug retailers gained 2.88%, gold miners 2.55%, banks 1.54% and industrials 1%. Governance at state-owned enterprises was in focus on Monday, but the bulk of attention was on international developments. Comments from White House officials at the weekend cooled expectations the US and China were moving towards a swift resolution of their trade dispute. Weak Chinese data also served to dull the mood in early trade. The calendar is full this week, with the US Federal Reserve making an announcement on monetary policy on Thursday, while US midterm elections on Tuesday cou...
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