Bearish Signals Stalk South Africa Stocks After August Gains
- Metrics suggest rise in benchmark index may be overdone
- Recent gains driven by a few key shares, not a broad rally
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It’s been a great month, but things may be about to turn grim for South African stocks, if technical signals are any guide.
The benchmark is coming off its longest winning streak since January 2014, rising for 10 consecutive days through Wednesday. The FTSE/JSE Africa All Share Index this week revisited levels above 60,000, last seen in February, taking its August advance to 4.8 percent, set for the best month since April.