JSE top 40 nearing 52,000 points
The JSE’s top 40 index got within whisker of clocking 52,000 points on Monday before settling back to close 0.5% higher at 51,713 points.
The Satrix top 40 exchange-traded fund (ETF), which tracks the index, gained 0.72% to R52.04, with accumulated dividends making its rand value higher than the index’s point value.
The all share index enjoyed the odometer effect of rolling over 58,000 points for the first time, closing 0.5% higher at 58,164 points.
The JSE looked set to move further into record territory on Tuesday thanks to better than expected results from US video-streaming group Netflix.
Netflix rose 4% to a record $211 in after-hours trade on Nasdaq after reporting it gained 5.3-million subscribers during the September quarter, beating analyst forecasts of 4.5-million.
Sydney’s S&P/ASX 200 index was 0.81% higher and Tokyo’s Nikkei 225 index was 0.4% higher ahead of the JSE’s opening.
Grocery chain Pick n Pay warned shareholders on October 2 that it expected to report on Tuesday that its interim headline earnings per share (HEPS) for the 26 weeks to August 27 declined by up to 25%.
Pick n Pay said in its trading statement that excluding the cost of its voluntary separation programme, HEPS grew by up to 15%.
CEO Richard Brasher said in the trading statement that the group expected to recoup the cost of the voluntary separation programme during the second half of its financial year.
Turnover grew 5.1% in the first half of its financial year.
"This reflected a challenging trading environment, and investment in lower prices to customers, with the group restricting its selling price inflation to 3.6%, well below published CPI [consumer price index] food inflation at 6.9%," the retailer said in a trading statement.