The JSE was up sharply by midday on Tuesday, adopting the strength in overseas markets that were driven higher by a powerful performance on Wall Street overnight. By 12.03pm on the JSE, the all-share index had collected 1,01%. Financials advanced 2,02% and banks collected 2,86%, while industrials added 1,06%.
The JSE was up 191 points at midday on Monday, but off its record high it hit earlier as gold stocks tumbled on news that Anglo American was selling half of its stake in AngloGold. Anglo said in a statement that it expects the offering to represent a major step in the completion of its stated objectives for its stake in AngloGold Ashanti.
South African banking group FirstRand plans to reduce its stake in health insurer Discovery Holdings, giving its shareholders a direct stake in the company, it said on Tuesday. The unbundling, for which FirstRand will seek shareholder approval, will improve Discovery shares’ liquidity on the Johannesburg bourse.
