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MARKET WRAP: JSE rallies on late buying of resources

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Timing of the orders suggests they came from abroad, says Sasfin Wealth’s David Shapiro

The JSE staged a late rally on Thursday, led by mining companies, while investors assessed overnight comments from Federal Reserve officials and the resulting prospects for interest rates.

Having spent most of the session in the red, the all share rebounded as “aggressive buying of AngloGold, Gold Fields, Northam, Impala, Sibanye and Amplats, evident from 4pm, lifted the shares and the overall market,” said Sasfin Wealth chief global equity strategist David Shapiro. “It’s the second time this week this has happened. It’s probably a fund wanting to accumulate parcels of gold and platinum shares. ..

 

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