Six of the nine major JSE sectors recorded positive month-on-month returns. These were: Energy (12.7%); Resources (6.1%); Industrials (1.1%); Consumer staples (2.5%); Telecommunications (9.1%); and Financials (4.1%). Historical implied earnings growth numbers over the past 12 months varied quite sharply between sectors, with Resources measuring 198.9% on a year ago, while Telecommunications recorded -8.4% y/y. Since 2010, earnings growth for the JSE All-Share Index has averaged around 13.% p.a.
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