Share

Stocks rebound after days of losses

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.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.1%
Rand - Pound
24.14
-0.1%
Rand - Euro
20.63
-0.2%
Rand - Aus dollar
12.40
+0.2%
Rand - Yen
0.13
+0.3%
Platinum
910.97
-1.4%
Palladium
1,022.57
-4.1%
Gold
2,161.41
+0.1%
Silver
25.14
+0.4%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,430
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders