Picture: JSE
Picture: JSE

Gains by market heavyweight Naspers pushed the JSE to a two-week high on Friday, with only resources coming under pressure form a firmer rand.

The JSE had a patchy week, but tracked a rebound in global markets from Wednesday.

Naspers gained 3.56% to R3,845 on Friday, its best performance this year, after earlier informing the market that core headline earnings for the six months to end-September were expected to at least 62% higher.

Retailers and banks also gained on the stronger currency, the latter also buoyed by release of better-than-expected retail sales data for October on Wednesday. Rand-and interest rate-sensitive stocks may, however, not find much cheer from Monday.

Next week is busy in terms of local data and political events, including a Reserve Bank interest rate decision on Thursday.

Risks, including a possible electricity tariff hike, currency movements, and global monetary policy normalisation, meant it is unlikely the Bank would cut the repo rate, according to Investec economist Kamilla Kaplan.

The all share closed 0.97% higher at 60‚128.40 points and the blue-chip top 40 added 0.99%. Banks rose 2.76%‚ general retailers 2.75%‚ industrials 1.4%‚ financials 1.3%‚ platinum 0.63%, and food and drug retailers 0.39. Resources lost 0.59%.

Anglo American closed 0.87% lower at R266.67.

Sasol was up 0.97% at R430.25. Brent crude rose 1.14% to $62 a barrel.

Richemont lost 2.57% to R122.

Lonmin gained 4.06% to R12.81 among platinum stocks.

Among banks Capitec rose 3.48% to R974.28, FirstRand 3.42% to R54.73 and Barclays Africa 3.33% to R147.76.

Brait shed 2.85% to R44, bringing losses for the week to 7.8%.

Truworths lifted 5.57% to R73.40, Massmart 4.73% to R110, Woolworths 3.27% to R55.51 and Spar 5.73% to R188.87.

Mediclinic dropped 4.98% to R104.

Taste Holdings was up 7.89% to 82c. The group announced a rights issue to raise R398m on Thursday.

At 5.41pm, the Dow was 0.26% lower, with European markets also under pressure. The FTSE 100 was flat, while the CAC 40 was off 0.27% and the DAX 30 0.16%.

Gold had firmed 0.56% to $1,285.56 an ounce and platinum 0.85% to $941.39. Brent crude was up 1.23% to $62.05.

The top-40 Alsi futures index gained 1.01% to 54,300 points. It added 0.85% for the week. The number of contracts traded was 20,205 from Thursday’s 17,320.

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