MARKET WRAP: JSE closes firmer in broad-based gains
The rand was 0.75% stronger to the dollar at the close; from April to June retail sales rose by 2.2%, which might help pull SA out of recession
The JSE closed firmer on Wednesday, with Naspers boosting market sentiment on a strong second-quarter showing from Hong Kong-listed Tencent, of which it owns a third. After gaining more than 4% in intra-day trade, Naspers closed 2.93% higher at R2,887.15. Tencent reported that revenue rose 57% for the six months to June, and gross profits 38%. Naspers’s share price has gained 43% so far this year while Tencent is up more than 70%. The all share ended the day 1% higher at 55,534.60 points and the blue-chip top 40 rose 1.14%. Resources firmed 1.4%, industrials 0.97%, banks and financials both 0.86%, property 0.53% and the platinum index 0.32%. Gold shares dropped 0.37%, and food and drug retailers 0.21%. General retailers ended the day flat after retail sales data released earlier indicated a modest monthly 0.2% rise in June, while the year-on-year gain was 2.9%. "Very encouragingly, in the three months from April to June retail sales rose by a substantial 2.2%, which should help boos...
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