MARKET WRAP: JSE pushes above 58,000 points with miners and Naspers faring best
The JSE pushed further into record territory on Monday, lifted by the performance of key heavyweight stocks and by a bullish outlook for the resources sector, on a better than expected outlook for the Chinese economy. Hong Kong’s stock market posted a fresh 10-year high on Monday, fuelled by improving corporate earnings and hot money from Chinese investors, reported Dow Jones Newswires. Index heavyweight Tencent also hit a record high. Naspers, which it owns about a third of Tencent, rose 1.66% to R3,253. Miners were also supported by metal prices, with the copper price breaking through the $7‚000-a-ton barrier for the first time since 2014‚ while palladium reached $1‚000 an ounce for the first time since 2001. SP Angel analysts attributed the rise to increased demand for catalytic converters and anticipation of a supply deficit. Coal also looked set to gain, following reports Chinese authorities were encouraging power producers to sign long-term contracts early, the analysts said. ...
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