MARKET WRAP: JSE builds on Thursday’s gains as global markets jump
Major global stock indices were up more than 2% on Friday
The JSE followed global stock indices higher on Friday as risk-on sentiment returned to markets, thanks to positive data releases in the US and optimism that trade tension is easing. SA’s main bourse, which opened 2019 with a 2.79% decline on Wednesday, moved closer to being level for the new year. The JSE clawed back another 1.03% on Friday following Thursday’s 0.79% gain. Shortly after the JSE’s close on Friday, the Dow Jones Industrial Average was 2.18% higher, and the S&P 500 index 2.1%, thanks to healthy hiring and wage-growth numbers in the US. In Hong Kong, the Hang Seng index closed 2.24% higher on improved data for China’s services sector and renewed optimism that the world’s two largest economies will resolve their trade dispute. The JSE’s top 40 index added 1.17% on Friday as all major indices climbed higher, bar the gold mining index, which shed 2.62% after rallying 3.4% on Thursday. The industrials index rose 1.55%, with Bidvest lifting 1.79% to R205 and Imperial Logist...
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