Johannesburg - The JSE posted moderate gains on Friday, halting four straight sessions of declines, with the market turning its attention to next week's monetary policy committee for clues to the domestic interest rate environment.
Companies that posted gains included aluminium products maker Hulamin, which added 1.35% to 8.21 rand after the company said it expected interim earnings per share to increase by around 95%. Its shares rose over 4% at one point.
"At the moment it looks like the guys are buying into the dips and the market is consolidating," said Ferdi Heyneke, portfolio manager at Afrifocus Securities.
The market's fall in recent days from the record peaks scaled last week stems from a number of factors including technical ones.
Rate decision
Various momentum indicators showed the main indices had strayed into overbought territory last week, suggesting a correction was on the cards.
But on Friday the benchmark Top-40 index added 0.29% to 46 071 while the wider All-share index climbed 0.33% to 51 161.
Next week's biggest focus for investors will be Thursday's interest rate decision by the Reserve Bank.
The market's rally this year has been fuelled in part by ultra-loose monetary policy globally and domestic rates also near historic lows.
Inflation is above the bank's 3 - 6% target band, but a Reuters poll of economists pointed to the Reserve Bank waiting until September before raising interest rates, given the country's lacklustre economic growth.
Companies that posted gains included aluminium products maker Hulamin, which added 1.35% to 8.21 rand after the company said it expected interim earnings per share to increase by around 95%. Its shares rose over 4% at one point.
"At the moment it looks like the guys are buying into the dips and the market is consolidating," said Ferdi Heyneke, portfolio manager at Afrifocus Securities.
The market's fall in recent days from the record peaks scaled last week stems from a number of factors including technical ones.
Rate decision
Various momentum indicators showed the main indices had strayed into overbought territory last week, suggesting a correction was on the cards.
But on Friday the benchmark Top-40 index added 0.29% to 46 071 while the wider All-share index climbed 0.33% to 51 161.
Next week's biggest focus for investors will be Thursday's interest rate decision by the Reserve Bank.
The market's rally this year has been fuelled in part by ultra-loose monetary policy globally and domestic rates also near historic lows.
Inflation is above the bank's 3 - 6% target band, but a Reuters poll of economists pointed to the Reserve Bank waiting until September before raising interest rates, given the country's lacklustre economic growth.