MARKET WRAP: JSE recovers a little in line with world markets
Global and local stocks suffered a sharp sell-off earlier in the week, with general retailers leading a mild recovery on the JSE on Wednesday
The JSE all share pushed higher on Wednesday, bolstered by a sightly firmer rand, as some risk-on trade returned to the market. Global stocks were recovering from sharp sell-offs, driven by the technology sector. On Wednesday, the Dow and tech-heavy Nasdaq opened higher, with the latter up 1% as the JSE closed. The all share gained 0.49% to 51,318.7 points and the top 40 0.64%. General retailers gained 3.02% and industrials 1.45%. The tech-stock sell-off hit Naspers hard, with the share slumping 7% on Tuesday. It recovered 3.77%, however, on Wednesday, to R2,716. Local news was mildly positive, with inflation for October largely in line with expectations. The outcome has added to hopes the Reserve Bank will keep interest rates on hold on Thursday, something that could be beneficial for banks and retailers. Moderating inflation, a stable rand and falling oil price have boosted that expectation. Recent comments by SA Reserve Bank governor Lesetja Kganyago, however, have pointed to a d...
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