MARKET WRAP: JSE closes weaker as Naspers softens and platinums climb
The JSE all share closed weaker on Wednesday after four days of gains, as Naspers closed down for the first time in eight days, with platinum stocks the best performers on the day.A strong run by Naspers supported the overall market for the past few days, but profit-taking resulted in it closing lower after Chinese internet company Tencent, of which Naspers owns about a third, softened in Hong Kong trade.Tencent is now a $500bn company, with a bigger market value than Facebook, while Naspers has rocketed more than 90% so far this year.Platinum shares were higher after Impala Platinum surged on optimism that new political leadership in Zimbabwe, following the exit of president Robert Mugabe, will support the group’s platinum interests in the country through its holding in Zimplats.Gold stocks were also higher on a higher metal price and despite a firmer rand. This followed the announcement by Sibanye that it had obtained a 38% stake in DRD Gold.Retailers recovered in the session, whi...
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