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Johannesburg - The JSE continued on the recovery path it started on Monday afternoon, when the major indices gained more than 0.5%.
It seems that after last week’s mini correction, when the market lost about 2.5%, buyers are emerging once again to pick up bargains.
Some analysts are however sceptical about the possibility of another strong run.
By Tuesday midday the All-share index was 0.58% higher at 51 537, while the Top 40 index improved by 0.61% to 46 297.
One of the best performers was the Industrial index, which gained 0.92% on the back of another run by Naspers [JSE:NPN] trading for the second consecutive day at an all-time high, after the price breached the R1 400 level on Tuesday morning.
Financial shares also did well as the concern about a possible banking crisis in Europe abated after the Portuguese government bailed the troubled Banco Espirito Santo out with a package of €6.5bn, and the Financial index improved by 0.87%.
The Resource index was virtually unchanged and only 0.06% lower by midday.
US stocks rose on Monday, recovering some ground lost last week when the S&P 500 notched its biggest weekly decline since mid-2012.
The Dow Jones Industrial Average rose 0.46%, the S&P 500 0.72% and the Nasdaq Composite Index advanced 0.72%.
All three major indices dropped more than 2% last week.
Traders on Monday engaged in "bargain hunting" after last week's sharp losses, said Peter Cardillo, chief market economist at Rockwell Global Capital.
US stocks have stubbornly resisted a large correction for more than two years, as buyers have emerged at points of weakness throughout that time.
The same can be said of the JSE, where bargain hunters use every sign of weakness to enter the market, despite the current high valuations.
Naspers was another 2.1% higher on Tuesday morning, trading at R1 407.77 and giving the industrial sector a boost.
Altron [JSE:ATN] was one of Tuesday's biggest winners when it advanced a massive 5.61% to R25.50. The share price reached an all-time high of R29.25 in June, but has lost most of those gains since then.
Although the share price is 26.3% higher than a year ago, it still dropped 5.3% over the last 30 days. It seems investors think the share price has now fallen enough.
Telkom [JSE:TKG], which is already on a 52-week high, gained another 7.4% to R55.85 on Tuesday morning.
- Fin24
It seems that after last week’s mini correction, when the market lost about 2.5%, buyers are emerging once again to pick up bargains.
Some analysts are however sceptical about the possibility of another strong run.
By Tuesday midday the All-share index was 0.58% higher at 51 537, while the Top 40 index improved by 0.61% to 46 297.
One of the best performers was the Industrial index, which gained 0.92% on the back of another run by Naspers [JSE:NPN] trading for the second consecutive day at an all-time high, after the price breached the R1 400 level on Tuesday morning.
Financial shares also did well as the concern about a possible banking crisis in Europe abated after the Portuguese government bailed the troubled Banco Espirito Santo out with a package of €6.5bn, and the Financial index improved by 0.87%.
The Resource index was virtually unchanged and only 0.06% lower by midday.
US stocks rose on Monday, recovering some ground lost last week when the S&P 500 notched its biggest weekly decline since mid-2012.
The Dow Jones Industrial Average rose 0.46%, the S&P 500 0.72% and the Nasdaq Composite Index advanced 0.72%.
All three major indices dropped more than 2% last week.
Traders on Monday engaged in "bargain hunting" after last week's sharp losses, said Peter Cardillo, chief market economist at Rockwell Global Capital.
US stocks have stubbornly resisted a large correction for more than two years, as buyers have emerged at points of weakness throughout that time.
The same can be said of the JSE, where bargain hunters use every sign of weakness to enter the market, despite the current high valuations.
Naspers was another 2.1% higher on Tuesday morning, trading at R1 407.77 and giving the industrial sector a boost.
Altron [JSE:ATN] was one of Tuesday's biggest winners when it advanced a massive 5.61% to R25.50. The share price reached an all-time high of R29.25 in June, but has lost most of those gains since then.
Although the share price is 26.3% higher than a year ago, it still dropped 5.3% over the last 30 days. It seems investors think the share price has now fallen enough.
Telkom [JSE:TKG], which is already on a 52-week high, gained another 7.4% to R55.85 on Tuesday morning.
- Fin24
