Top 40 rises 2.0% as financials and exchange-traded products drive trade

The JSE Top 40 rose 2.002% to 106257.27 points and the All Share added 1.7619% to 114006.15 points on June 2. News flow centered on financials, with Absa appointing Leon Barnard as pan-African chief executive for business banking, according to Africa Business Communities, and Nedbank opening its offer for NCBA at a premium of more than 20% for shareholders, Financial Afrik reported. Exchange-traded products also expanded, with the JSE launching anchor EasyETFs local and global equity funds, according to Africa Business Communities, while additional Satrix securities were listed on June 2. On the corporate side, Tiger Brands warned of price increases due to the Iran-Israel war, Reuters reported, while Sibanye Stillwater and Life Healthcare stayed in focus around quarterly results and dividend timing, according to AD HOC NEWS.