JSE opens higher on Naspers, as property selling softens
The JSE opened firmer on Friday, as Naspers rebounded and the previous frenzied selling of property stocks appeared to calm down.
Naspers was higher, after its Chinese Tencent investment rose more than 2% in Hong Kong trade.
The market was buoyed by an upbeat performance from the Dow, closing 0.81% up at a record 25,574.73 on Thursday amid optimism ahead of the fourth quarter earnings season, which see JP Morgan and Wells Fargo reporting early.
Asian markets were mixed, with the Nikkei 225 off 0.24% and the Hang Seng up 0.7%.
Property stocks remained under pressure after heavy selling earlier in the week, but some tentative buying was evident. The property index is down 6.4% for the week.
The fall in property stocks followed rumours a JSE real-estate investment trust (Reit) may be the subject of a forthcoming report by Viceroy Research, which, in December, published a report that sent Steinhoff International shares down 90%.
Steinhoff was lower in early-morning trade following reports that it might face a class action from the Dutch Investors Association (VEB). Joint parliamentary committee hearings into the Steinhoff debacle will begin at the end of January.
Miners were in demand as commodity prices remained upbeat on a firmer oil price.
At 9.35am the all share was 0.36% up at 59,821.40 points and the bluechip top 40 rose 0.45%. Resources rose 0.97%, industrials 0.51% and the gold index 0.34%. Banks shed 0.59%, property 0.53% and general retailers 0.52%.
Anglo American rose 1.08% to R296.93.
Harmony added 2.58% to R22.68.
Steinhoff was down 3.7% to R6.50.
Resilient shed 1.15% to R127.05 and Nepi Rockcastle 0.39% to R178.11, but Greenbay rose 0.94% to R2.15.
Naspers rose 1.77% to R3,625.28.