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South Africa Sees Stocks Rebound

South Africa Sees Stocks Rebound

From Business Recorder

South African stocks posted moderate gains on Friday, halting four straight sessions of declines, with the market turning its attention to next week’s Monetary Policy Committee (MPC) for clues to the domestic interest rate environment. Gainers included aluminium products maker Hulamin, which added 1.35 percent to 8.21 rand after the company said it expected interim earnings per share to increase by around 95 percent. Its shares rose over 4 percent at one point.

“At the moment it looks like the guys are buying into the dips and the market is consolidating,” said Ferdi Heyneke, portfolio manager at Afrifocus Securities. The market’s fall in recent days from the record peaks scaled last week stems from a number of factors including technical ones. Various momentum indicators showed the main indices had strayed into overbought territory last week, suggesting a correction was on the cards.

 

Read more at Business Recorder