Four of the nine major JSE sectors recorded positive month-on-month returns. These were: Energy (19.9%); Resources (6.8%); Telecommunications (4.9%); and Financials (4.6%). Negative month-on-month returns were recorded by: Industrials (-13.1%); Consumer staples (-4.3%); Healthcare (-5.1%); Consumer discretionary (-11.8%); and Technology (-24.5%). Historical implied earnings growth numbers over the past 12 months varied quite sharply between sectors, with Consumer discretionary measuring 585.4% on a year ago, while Telecommunications recorded 8.2% y/y. Since 2010, earnings growth for the JSE All-Share Index, has averaged around 13.2% p.a.
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