JSE ends day slightly higher as miners gain while Naspers flounders
Upbeat retail sales data for May, together with relatively subdued inflation data, fails to make a marked effect on the market, which laboured for much of the day
The JSE closed marginally higher on Wednesday, despite upbeat local data and as Naspers failed to capitalise on Tencent’s earlier gains on the Hang Seng.Tencent, of which Naspers owns 31.2%, closed 0.59% higher. After trading 1% weaker in the day, Naspers ended the day 0.2% lower at R3,365. It usually tracks moves in Tencent’s share price.Other rand hedges, together with the global miners, generally ended the day higher. Retailers, along with platinum stocks, were the main losers as Shoprite tumbled an initial 6% after the group reported that hyper-inflation in Angola had reduced its turnover growth. It ended the day 3.73% lower at R212.30.Total turnover at Shoprite grew by 3.3% to approximately R145.6bn in the year to end-June 2018. Its supermarkets in SA grew sales by 5.7%.The market was eyeing Thursday’s interest-rate decision by the Reserve Bank, with the rand’s recent strength likely to be a positive factor in the Bank’s decision. "Often, the rand is seen as a fear factor by th...
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