Five of the nine major JSE sectors recorded positive month-on-month returns in January 2023. These were: Energy (3.9%); Resources (5.4%); Consumer staples (2.0%); Consumer discretionary (8.4%); and Technology (18.0%). Negative month-on-month returns were recorded by: Industrials (-1.4%); Healthcare (-3.0%); Telecommunications (-2.1%); and Financials (-3.0%). Historical implied earnings growth numbers over the past 12 months varied quite sharply between sectors, with Energy measuring 170.4% on a year ago, while Technology recorded -73.3% y/y. Since 2010, earnings growth for the JSE All-Share Index, has averaged around 13.8% p.a.
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