The JSE All share enjoyed the surprise announcement by the SARB of (only) a 50 basis point hike in the repurchase rate to 12.0% The market was expecting a 100 basis point increase and Financial (+1.61%) and Banking stocks (+1.49%) recovered earlier losses. On the domestic front, given that the market had already priced in 100 basis points, some reshuffling can be expected to continue today. This adds to our view that the Governor missed an opportunity to hit inflation hard, as the market was already anticipating a strong rise. Read on