Stocks gain from positive global sentiment

JOHANNESBURG – LOCAL stocks look poised to rally to unprecedented levels as appetite for riskier shares returned to global markets this week in the face of the world’s massive vaccination programme against Covid-19.

Analysts said yesterday that the arrival of the first shipment of Covid19 vaccines in the country was likely to sway positive sentiment on the JSE to new highs.

Already the JSE All Share Index has flirted around 60 000 points for the first time in years, with some predicting that it could breach the 70 000 mark by the end of the year.

Old Mutual Wealth investment strategist Izak Odendaal said that the market global sentiment had helped to put the stocks on a bullish drive.

Odendaal said there was a big improvement in global risk appetite, and the market would respond well when the global economy did well as it was highly geared towards risk appetite.