Banks, insurance and retail stocks surge as GNU takes shape
S&P says election outcome is broadly favourable for the economic and fiscal outlook
SA’s equities rallied for the second straight session on Tuesday, with banks helping the all share index to book its biggest one-day gain this year in a repeat of the euphoric mood that characterised the ascension to power of President Cyril Ramaphosa five years ago.
The all share index, the broadest measure of the SA stock market performance, climbed 3.5%. Banks, which are largely dependent on policy certainty and economic growth, featured on the winners’ list, with FirstRand surging 8.14% to R76.25 and Capitec skyrocketing 9.11% to R2,589.21. Nedbank shot up 7.06%, Standard Bank jumped 6.56% and Absa 6.52%...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.