The JSE opened flat on Friday, despite Naspers rocketing to new heights, with miners retreating as the rand regained some lost ground after tumbling on Thursday. The rand was 1% firmer at R13.2912/$ at the opening, after weakening to R13.58/$ earlier. Momentum SP Reid analysts stated that levels of R13.14-16 represented the realistic next targets for the rand, as the market adapted to the fallout from the Brazilian scandal surrounding President Michel Temer, which shook emerging markets on Thursday. Naspers was up 1.23% at R2,796.01 on a strong performance from its Chinese Tencent investment, of which it owns 34%. Some analysts have punted Naspers on Tencent’s expected gaming and mobile services growth, predicting that Naspers could reach R3,000. Naspers is trading at a price-earnings ratio of 100. Platinum and gold spot prices rose marginally to $933.80 and $1,250.76 an ounce respectively. On Asian bourses, Japan’s Nikkei 225 average was up 0.19% and the Hang Seng added 0.31% in Ho...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.