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Sanlam Private Wealth Morning Digest Wednesday 26 April 2017
Wall Street performed well during the previous session, with the NASDAQ reaching a new all-time high, buoyed by the release of strong earnings and as investors eagerly awaited President Donald Trump’s tax proposal later today. By the close, the NASDAQ had risen 0.7% to close at 6,025.49 index points, helped along by a rally in both Apple and Microsoft. Meanwhile, the Dow Jones featured as the region’s top performer, with the index boosted by a 7.9% surge in Caterpillar and a 5.6% jump in McDonald’s after both group’s released better-than-expected results. Lastly, the S&P 500 added 0.61% to close at 2,388.61 index points.
Local markets ended higher on Tuesday, with the JSE All Share index boosted by a rally in rand hedge shares. By the end of the session, the All Share index had risen 0.63% to close at 53,257.40 index points, underperforming a 0.73% increase on the Top 40 index. Naspers featured among the session’s top performers, with the share gaining 1.85% to reach a new all-time high, while AB InBev and Richemont added 1.66% and 2.82% respectively. Furthermore, food and drug retailers rose 0.65% during the session, followed by a 0.23% increase in the financial index. Lastly, the gold mining index continued to trade lower, down 2.84%.
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