DStv Channel 403 Friday, 13 December 2024

WATCH | Banking and retail shares soar on back of GNU agreement

 

JOHANNESBURG - SA banking and retail shares exploded yesterday following the signing of an agreement to form a government of national unity.

Bloomberg reports that the index of bank stocks reached a record high, gaining almost 6% at one point.

It says this is the biggest rally since November 2020.

Absa, Standard Bank and Capitec ended the day more than 5% higher, with Old Mutual up almost 8%.

Woolworths, Mr Price, Pick n Pay and Discovery all gained 6% or more.

The JSE's All-Share Index rose almost 1%.

By early evening, the Rand was trading around R18.40

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