JSE: all-share index at 2006 low

2008-11-20 00:00

Johannesburg — The JSE’s all-share index was trading at levels last seen in June 2006 yesterday, losing almost half its value since its record in May this year.

“The JSE’s clearing what is the excess of a major bull market,” said Afrifocus Securities trader Ferdi Heyneke. He said that within the last two years, stocks rose “exponentially”.

“There was no reason why the platinum and the gold prices had to reach the highs that they did."

Heyneke said the record prices were driven mostly by speculation, and that the market had to correct.

“The fundamentals had never supported this [the record spikes] — the fall in commodities has been dramatic,” he said. — Fin24.com.

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