The JSE was sharply higher at midday on Wednesday as Naspers rose 3.53% on mixed results from its Chinese Tencent investment. Tencent, of which Naspers owns about a third, reported that revenue rose 57% for the six months to June, which beat expectations. Gross profit was up 38%, which was lower than expected. The rand was at R13.2234 to the dollar from R13.3216 with the dollar flat against the euro at $1.1731 after Moody’s regular update on the South African economy was released in the morning. It was not a ratings announcement. Moody’s said the South African government’s credit profile was supported by the economy’s relative size and diversification, sound macro-economic policy and fiscal management, and deep financial markets. Constraints include persistently low growth, as business confidence and investment languish, and rising policy uncertainty, it said. Moody’s kept the outlook on negative, reflecting its view that the risks to growth and fiscal strength arising from the poli...
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