Resources push JSE to fresh records
THE JSE raced to yet another record high, rising above 25400 as strong resources and expectations of an end to the current interest rate cycle buoyed local stocks higher. The Alsi was led by the gold index, up 2.2% in trade, followed by the resources index, which gained 2.1%.
Analysts expect the bourse to reach 26000 before year-end, although profit-taking and consolidation may see it move sideways or down in the short term.
Weekly JSE data show the Alsi was up 31.99% year on year at the end of last week, with foreign investors continuing to be net buyers of local equities.
Strong earnings generation by JSE-listed companies and excess global liquidity flowing into risky asset classes has contributed to the good performance. The rand was quoted at R7.13 late while the Alsi ended at a record 25444.28