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South Africa Stock Market (SAALL)
The JSE All Share index trimmed some early losses to close about 0.6% up at 73,653 on Friday, halting three consecutive sessions of drops, mainly supported by financials (+1.8%). South Africa's largest retail bank by customer numbers, Capitec, saw its shares surge almost 10%, after advising shareholders that group headline earnings per share are expected to rise between 8% and 10% for the six months to end-August 2023, up from the restated ZAR 37.36 for the comparative period. Meanwhile, investors remained cautious due to concerns about the global economic outlook and uncertainty around the moves of major central banks. In local news, the German development bank KFW has offered a €200 million loan to South African power utility Eskom Holdings, enabling the troubled company to boost its transmission grid in the Northern Cape and Western Cape provinces. The JSE closed the week 1.5% lower. Historically, the South Africa Stock Market (SAALL) reached an all time high of 81337.95 in January of 2023. South Africa's FTSE/JSE Africa All Shares Index is a market capitalisation weighted index. Companies included in this index make up the top 99% of the market capitalisation of all listed companies on the Johannesburg Stock Exchange.
