MARKET WRAP: JSE gets a boost from China’s $146bn stimulus pledge

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Insurance stocks take a beating on news that the Competition Commission is investigating at least eight of them for possible collusion

The JSE finished convincingly higher on Thursday after an action-packed session as the reporting cycle by SA companies is in full swing.

Banking stocks had a decent session, gaining almost 1%, after coming off sharply in recent sessions, though the sell-off had come from a high base. But insurance stocks reversed gains to close 2.02% weaker after the Competition Commission said it was investigating at least eight of them for possible collusive behaviour.

Capital & Counties ended 1.47% softer at R24.88, marking its lowest level since November 2020, while Hammerson dropped 3% to R4.35.

 

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