Despite two further companies confirming plans to delist from the JSE, Africa’s biggest stock exchange closed at a new record high.
Monday’s close saw the Top 40 topping the 75 000 points mark for the first time, ending the day at 75 186.Despite two further companies – Bell Equipment and Sasfin – confirming plans to delist from the JSE, Africa’s biggest stock exchange closed at a new record high of 82 154 points on Monday.
The bourse topped the 82 000 points mark on the back of strong showings by the Financial Index and the JSE Top 40 Index, up 1.33% and 0.65%, respectively.Monday’s close saw the Top 40 topping the 75 000 points mark for the first time, ending the day at 75 186.The JSE has been buoyed by SA’s new government of national unity , with the bourse jumping 3.5% on 18 June, before the GNU cabinet was even announced and the day before President Cyril Ramaphosa was inaugurated.
The South African Reserve Bank will announce its next repo rate decision on Thursday . However, there is general consensus that it will be another “hold” decision, with the Sarb unlikely to cut before the likes of the Fed. The rand, which has seen seesaw movements over the past two months, weakened over 1.4% on Monday to around R18.23 to the dollar, but this was following an attempted assassination on former US president Donald Trump.
The Financial 15 Index – made up of the big banks and financial services companies – led the charge on the JSE on Monday, with Investec up 2.79%, while all the banks were in the green.Sasfin and Bell Equipment rocketed over 45% following confirmation of buyout and delisting plans; however, both companies are regarded as smaller cap stocks and are not part of the JSE Top 40 index.JSE behemoth Naspers closed marginally down , FirstRand closed around 1% up , and Capitec closed 2.05% up .
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