The JSE closed firmer on Friday as the market warmed to Naspers’s annual results, reflecting revenue growth of 3% for the year ended March. Although the results were the usual mixture of a strong contribution from its Chinese Tencent investment, and losses at e-commerce and a subdued performance at video entertainment, the market reacted positively as Naspers ended the day 2.6% higher at R2,638.61. Naspers has gained 31% so far this year, despite trading at a price to earnings ratio of 100. Its performance lifted the overall industrial index with rand hedges closing in the red on the stronger currency. The industrial index closed 0.99% higher, but was outclassed on the day by banks firming 1.25% and platinums gaining 1.03%. The all share ended the day 0.84% higher at 51,503.50 points and the blue-chip top 40 added 0.92%. The all share gained a weekly 1.32% and is 1.68% up for the year. After a torrid week, ArcelorMittal SA gained 4.92% to R5.12. Remgro was up 3.92% to R210.82. Impal...
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