The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
an all-time high on Monday morning as South African technology and mining stocks gained on enthusiasm about China reopening its borders and hopes the US Federal Reserve may slow the pace of interest rate hikes.
Mining companies were among the big winners, with the mining index up 2.35% to 61 707 points, as the prices of basic materials rose on the hope that China’s economy will rebound after Covid-19 policies dampened demand and a weaker dollar boosted gold prices.“The market is expecting that US, UK and Europe will enter a mild recession and that will lead to a cut in interest rates in the second half,” said Wayne McCurrie, a portfolio manager at First National Bank.
Tech investor and market heavyweight Naspers, through its subsidiary Prosus, holds a 27% stake in Chinese tech and gaming giant Tencent and is its biggest investor. Naspers and Prosus both jumped 3.9%.
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