Cricket again…

The JSE Securities Exchange (-0.78%) is still overbought according to investors.

Gerbrand Smit, analyst at the efficient group says that 29 of the shares on the Top 40 (-0.84%) index got hammered yesterday. Retailers (+0.25%) were still rallying with Foschini (+2.51%) and Truworths (+2.60%) a nose length ahead.

PPC (+4.82%) regained some of the recent losses while Nedcor (-1.39%) was the only one of the big 4 banks who couldn’t finish the day in the black.

The rand gained between 2 and 7 cents against the major currencies yesterday and the dollar (-0.08%) closed almost unchanged against the euro. Au (+0.02%) closed rather passively with oil (-1.50%) fluctuating a lot so far this week.

US equity markets closed on a depressing note with a slip of 1.11% across the board. The European indices were flat with the CAC 40 (-0.16%) the biggest loser.

Currently the Asian equity markets are crying ahead of corporate earnings reports. We expect local equities to perform in line with the South African middle order batsmen on the 5th day of a test.