Local equity markets have run very hard, especially among the banks, financials, industrials and retailers since the start of the year. These stocks have been overbought and market players were today banking some profits. The JSE is off its worst levels, so there is support for the market.
More Quotes from Ferdi Heyneke:
I think it got ahead of itself especially gold and platinum stocks and profit taking was not unexpected.Ferdi Heyneke
Gold has pulled back from its recent spike to around 505 an ounce while the rand has strengthened to 6.34 against the US dollar.
Ferdi Heyneke
The market's volatility has been huge and we've become oversold so the market was poised for a rally and needed some news and some trigger.
Ferdi Heyneke
The JSE was lower today on profit taking and the pull back in markets overseas, especially the East. There is no change in the fundamentals.
Ferdi Heyneke
The JSE is strong again, but it will stay volatile for the foreseeable future. The Dow was steady overnight, while the gold price moved back to 530oz. The market should pick up from next week as more people are at their desks.
Ferdi Heyneke
Readers Who Like This Quotation Also Like:
Based on Keywords: industrials, jseThere is no refuge from memory and remorse in this world. The spirits of our foolish deeds haunt us, with or without repentance.
Gilbert Parker
Flight by machines heavier than air is unpractical and insignificant, if not utterly impossible.
Simon Newcomb
You need to become more than one type of athlete. You have to be a sprinter, a weight man and a distance guy all in one.
Dan OBrien