The JSE closed firmer on Monday in broad-based gains, but mainly driven by Naspers, as the market heavyweight reached a new high from its previous best level, in May. Naspers is the third-largest company on the JSE by market cap. Naspers reached a record R2,873.93 in intraday-trade after its Chinese Tencent investment, of which it owns about a third, rocketed in Hong Kong trade. Chinese authorities last week announced a clampdown on WhatsApp’s activities in the country, thereby boosting Tencent’s messaging app WeChat. Tencent effectively operates in a closed market. Naspers has gained 42% so far this year and closed 1.92% higher at R2,860. Vodacom and Capitec also both hit new records. Banks and retailers found support from a slightly weaker rand to the dollar, but the local currency still held up at levels below R13 to the dollar following last week’s surprise interest-rate cut by the Reserve Bank. "The cut and persistence of the governor’s dovish tone highlighted that now might be...
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