MARKET WRAP: JSE experiences Santa-Claus rally, albeit in light trading volumes
Gains in the all-share cut the index’s year-to-date losses to just over 12%, it’s worst year since the midst of the 2008-2009 financial crisis
The JSE had a decent session on Monday, enjoying something of a Santa Claus rally, but trading volumes were light due to the summer holidays, with the market closing at noon. The all share ended the trading session 1.27% higher at 52,081.10 points, ahead of the two-day Christmas break. The top 40 index climbed 1.43%, its biggest one-day gain in two weeks. Industrial stocks did the heavy lifting on the day, supported by gold shares, which have enjoyed a solid run in December, albeit off a low base. Naspers, MTN, Shoprite and Bid Corporation stood out among the larger industrial stocks which posted gains, amid signs of bargain-hunting. Gold stocks continued their run — the index has gained 24% so far in December — supported by the recent pick-up in the gold price, which in turn got a boost from reduced expectations of higher interest rates in the US in 2018. Banks and insurance stocks were marginally higher, held back, in part, by a weaker rand environment. Though recovering slightly ...
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