JSE all share closes higher as rand-hedge Naspers boosts industrial index
The JSE closed firmer on Tuesday as Naspers’s share price reached a record high, supporting positive sentiment toward rand hedges. This was despite the local currency weakening slightly from the one-month highs it reached on Monday. The rand was at R13.0879 to the dollar at the JSE’s close from Monday’s R13.0184. Naspers surpassed its previous high reached in September 2016 on foreign buying, as the group was singled out as a favourite South African share investment in a Dow Jones Newswires article. "Naspers, whose shares track global tech peers, has returned more than 25% over the past year, and may be the investment to consider," the newswire said. Naspers also enjoyed investor support amid indications that its Chinese Tencent investment may be going places, with WeChat users within the Tencent fold set to grow strongly over the longer term. Naspers owns 34% of Tencent. Naspers forms part of the JSE’s industrial index. A marginally weaker rand on the day created opportunities for ...
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