The JSE closed flat on Tuesday despite industrials outperforming on a recovery in Naspers following volatility in the share after the group released its interim results on Friday. Among industrials, rand hedges were initially supported by the weaker currency, but lost some ground toward the close as the rand gained ground. Commodity prices failed to support the market, with gold 0.59% lower at $1,186.45 an ounce in reaction to a rampant dollar, while platinum retreated 0.70% to $919 an ounce. The market’s reaction to the Naspers results has been choppy since their release, but on Tuesday the share ended the day 1.5% higher. "We have seen huge volatility in Naspers, possibly related to the new capped SWIX index which could be adopted by most fund managers," said Stanlib retail investment director Paul Hansen. The SWIX index caps any particular share at 10% of the index, whereas Naspers is now about 20% of the SWIX shareholder-weighted index. "Some fund members may have been selling N...
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