The JSE closed firmer on Wednesday, recording its best one-day rise in almost three weeks, as Naspers jumped on news out of China, and retailers reacted positively to the latest retail sales data.Industrials and banks led the gains, with miners firming on Anglo American, despite a stronger rand and dollar, but platinum and gold stocks retreated.Naspers rocketed more than 6% at one stage, even though Tencent closed a little lower on the Hang Seng, ahead of the release of its results. Naspers owns 31.2% of Tencent, and the latter remains the main driver of Naspers’s market cap. Tencent accounts for about 80% of Naspers’s overall profits.Tencent’s quarterly update surprised the market, beating consensus forecasts, on an upbeat performance from its game-downloading and WeChat services. Tencent’s revenues totaled 73.53-billion yuan ($11.5bn) from a consensus 71.04-billion yuan, up an annual 48%, while net profit came in at 23.29-billion yuan compared to an estimate of 17.5-billion yuan, ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.