JSE posts biggest one-day gain since July, as Naspers continues its rally
The JSE closed at a record high on Tuesday, tracking buoyant global markets, and led by gains in individual shares.
Volumes on the local bourse were much higher than usual, at R30.5bn compared to the average of R20bn.
Big diversified miners gained on the day, while the industrial index, which hit a fresh record, was again lifted by Naspers.
Naspers added 2.38% to R4,090, and has now gained 103.07% so far in 2017, lifted largely by the performance of Hong-Kong listed Tencent, of which it owns about a third.
The rand was relatively stable, but general retailers and food and drug retailers ended the day lower, the latter weighed down by market-disappointing results from Pioneer Food, which fell 4.3% to R111.
Banks and financial stocks held their ground‚ as Moody’s and S&P Global Ratings prepared to announce their latest decision on SA’s debt rating on Friday evening.
Old Mutual Investment group portfolio manager Graham Tucker said the potential effect of a downgrade had already been priced into some assets, but the effect on the market could be significant.
The all share gained 1.18% to 61,211.5 points and the top 40 rose 1.36%.
Resources added 2.2%, platinums 1.46% and banks 1.06%.
General retailers were off 1.62% and food and drug retailers 0.41%.
Diversified miner BHP gained 2.88% to R258.22, Anglo American 1.93% to R271.95 and Glencore 1.48% to R67.26.
Kumba Iron Ore jumped 5.51% to R316.54 and Exxaro 4.87% to R154.70.
Rand hedge British American Tobacco lifted 1.5% to R937.85 and Richemont 0.84% to R124.31.
Barloworld surged 8.67% to R144.53, despite having reported on Monday that overall revenue and operating growth had been flat in the year to end-September.
Reunert rose 4.52% to R68.42, after the electronics group earlier reported a 19% rise in headline earnings per share (HEPS) to R6.79 in the year to end-September.
Life Healthcare jumped 6.78% to R26, after earlier reporting its acquisition of UK-based Alliance Medical Group had boosted its revenue by 27% to R20.8bn in the year to end-September. Ascendis Health gained 8.69% to R17.76.
Rhodes Foods Group dropped 1.08% to R18.80, after earlier reporting a 20% fall in full-year net profit to R234.8m.
Coronation Fund Managers fell 1.89% to R74.86, after earlier saying that diluted HEPS fell 2% to R4.38 in the year to end-September.
The Dow opened higher, while the Nasdaq hit a record high, boosted by upbeat corporate earnings, Dow Jones Newswires reported.
Shortly after the JSE closed the Dow was up 0.57% and the Nasdaq 0.83%. European markets were firmer, with the DAX 30 up 1.04%, the CAC 40 0.71% and the FTSE 100 0.39%.
At the same time platinum had firmed 0.96% to $936.76 an ounce and gold 0.41% to $1,283.31, while Brent crude had risen 0.84% to $62.65 a barrel.