JSE closes higher as banks and retailers lift on stronger rand
The market warms to Naspers’s numbers, despite annual figures reflecting greater dependence on Tencent, with a slightly lower trading loss of $673m
The JSE closed firmer on Friday on an upbeat opening on the Dow and a firmer euro, which supported European markets on the day.The pick-up came after a fairly negative week, centred on concern over an escalating global trade war."It seems as if some of the risk-averse sentiment in the market has subsided for the moment," said TreasuryOne trader Andre Botha.The rand firmed to R13.4274 to the dollar from R13.5834, supporting banking, property and retail stocks.Platinums shares rose on a higher metal price, while industrials found favour after Naspers jumped more than 3% following the earlier release of a mixed bag of results for the year to end-March.Naspers’s numbers reflected an increased dependence on Chinese internet and gaming company Tencent. The group’s internet segment, comprising its 31.2% stake in Tencent, now contributes 79% of group revenue — up from 73% last year. The e-commerce segment reported a trading loss of $673m, a slight improvement from 2017.Naspers now has net c...
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