The JSE all share closed above 58,000 points for the first time on Monday as miners shrugged off the effects of a stronger rand, which remained close to its best level in about three weeks. In another strong performance, Naspers closed 1.66% higher at a record R3,253 a share, as Chinese internet company Tencent, in which it owns about a third, closed firmer in Hong Kong trade. Naspers has gained a staggering 61.5% so far in 2017 and is trading at a historic price:earnings ratio of 126. Global markets have been climbing since last week, when the IMF updated prospects for global economic growth for 2017 to 3.6%. SA, however, was one of the few countries to have its growth forecast lowered. The IMF now expects the local economy to grow just 0.7% in 2017 and 1.1% in 2018. Gains in the mining sector came as the copper price broke through the $7,000 a tonne barrier for the first time since 2014, boosting shares such as BHP. Palladium hit $1,000/oz for the first time since 2001, stretching...
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