Eight of the nine major JSE sectors recorded positive month-on-month returns in December 2022. These were: Resources (11.6%); Industrials (7.2%); Consumer staples (4.5%); Healthcare (0.9%); Consumer discretionary (10.0%); Telecommunications (5.8%); Financials (9.3%); and Technology (11.0%). Negative month-on-month returns were recorded by Energy (-3.7%). Historical implied earnings growth numbers over the past 12 months varied quite sharply between sectors, with Energy measuring 169.1% on a year ago, while Technology recorded -73.2% y/y. Since 2010, earnings growth for the JSE All-Share Index, has averaged around 13.7% p.a.
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