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 pr...
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