Naspers and platinum lead JSE higher‚ but all share closes below 60‚000 points
Losses by rand hedges due to a mild recovery in the currency failed to keep the JSE from hitting a record high on Monday, after Naspers lifted the industrial index. Naspers added 2.06% to R3,541.54, tracking gains in Hong Kong-listed Tencent, while gold miners fared best despite a relatively flat metal price. The JSE closed 0.57% higher at 59,975.7 points and the top 40 added 0.69%. Platinums gained 2.51%, gold miners 2.26% and resources 1.71%. Property stocks lost 1.08%. In the absence of significant data releases, analysts expect political considerations to provide the bulk of sentiment this week. The rand and local bonds are expected to be under pressure in coming weeks, ahead of the latest reviews by S&P and Moody’s of SA’s credit rating on November 24. The local bourse continued to push higher this year despite there being little meaningful improvement in the political and economic situation in SA, said Old Mutual Multi-Managers strategists Dave Mohr and Izak Odendaal. The glob...
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