JSE opens above 60,000 as Naspers surges on positive global IT sentiment
The JSE surged at the opening on Tuesday as Naspers and retailers boosted the overall market on strong trade in Asia, with property in the red.Resources and gold shares received support amid lower commodity prices, despite a marginally stronger rand. Retailers rose on a positive trading update from Mr Price and banks benefited from a firmer trend in the rand, which reached R14.08/$ in early morning trade before losing some ground.The all share reached 60,000 points on Monday for the first time, with annual gains now at 19.5%.Naspers was up 2.78% to a record R3,640 after its Chinese internet company, Tencent, of which Naspers owns about a third, climbed nearly 3% in Hong Kong trade. Positive sentiment towards global tech stocks reached new highs following the release of Alibaba’s third-quarter numbers last week.Naspers has gained 80.6% so far in 2017 and is now trading at a price-to-earnings ratio of 141.The Dow closed 0.04% up at 23,548.42 points on Monday.The local property index w...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.