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A generally positive trading week

Overview of last week’s gainers, and what investors can look out for this week.

Global markets have started to rebound from the rout endured over the last six weeks. The rebound will have market participants debating whether the gains fall part of a relief rally before further decline or the start of a renewed uptrend in the market place.

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Top gainers

Void of any direct news, relative to the companies in the gainers list and in light of the diverse nature of shares on the rise, one would assume the tentative introduction of bargain-hunting within our local bourse.

Woolworths, Vodacom and Discovery shares have been market darlings in the past and the recent correction perhaps enticing those market participants with a bullish inclination to start accumulating. With the shortened trading week ahead, it is also likely that some of the buying on our local exchange could be a result of the early rolling of futures contracts ahead of this Thursday’s futures close out.

Top decliners

The shallow declines in the decliners list highlight a generally positive week. Mediclinic is the worst performer, although weakness follows the company discounting for a R0.76 per share dividend on Friday. Netcare has also discounted for a R0.38 per share dividend. 

Looking ahead

The new trading week will see local markets be disrupted by a public holiday on Tuesday, although Thursday’s futures close out (FCO) should provide an active market to compensate. The Top40 index will also see a change in its constituents with the changes coming into effect on June 22. In the index reweighting, Impala Platinum, Life Healthcare and Imperial Holdings move out of the index, while Capitec Holdings, Brait Se and MMI Holdings will move into the Top40 index.

The FCO will be preceded by the Federal Open Market Committee (FOMC) meeting in the US on Wednesday evening, in which market participants will be keenly attentive for news relating to US monetary tightening. Thursday’s CPI and Core CPI data out will also hold relevance in light of its importance relative to the rising rate cycle.

With talks surrounding Greek financial aid having failed on the weekend once again, Thursday will see an increased focus on the European Union ministers’ meeting and in particular negotiations relating to the Greece debacle.

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