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Banks lead JSE higher

Dec 14 2012 11:05 I-Net Bridge


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Johannesburg – The JSE edged up on Friday morning‚ led by banking and financial stocks‚ in what is expected to be a quiet session ahead of the long weekend.

At 9:47‚ the All Share [JSE:J203] index was up 0.23% to 38 765.77 points‚ still in record high territory‚ with the Top 40 - (Tradeable) [JSE:J200] index nudging up 0.24% to 34 368.29. Banks gained 0.43%.

“There is sustained interest‚ particularly by foreign investors‚ into retail‚ property and industrial stocks which look expensive from a valuation viewpoint‚” said Drikus Combrinck‚ portfolio manager at PSG Konsult.

RMB analysts said in a note that global growth would probably continue to bumble along as it has for the past three years. “Our core view is pretty much at consensus: US at 2%‚ China at 8%‚ Europe at 0%. The question of Greece’s future in the eurozone will arguable remain the tail risks to the global economy.”

Leading Asian shares were mixed‚ with Japan’s Nikkei 225 ending flat.

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