JSE begins November on a positive note as Naspers continues to push it higher
Positive earnings reports have buoyed global sentiment this week, with tech stocks cheering better-than-expected third-quarter results from Facebook
The JSE started November on a positive note on Thursday, largely due to a strong showing by market heavyweight Naspers, which has rebounded from recent weakness. A decision by global index firm MSCI not to penalise Naspers’s weighting due to its share structure has helped lift the stock, which gained 9.4% on Wednesday. Richemont also benefited, jumping 4.42% during the session. Global stocks in general were finding support, however, with tech stocks in particular cheering better-than-expected third-quarter results from Facebook this week. On Thursday, global markets pushed higher, with focus now on a key US jobs report on Friday, as well as a Bank of England (BoE) interest rate decision later on Thursday. The Absa purchasing managers index (PMI) for October is due at 11am, with analysts expecting a slight rise from September’s 44.5 points from 43.2 points. At 9.30am the all share was up 0.57% to 52,685.7 points and the top 40 had added 0.76%. Industrials gained 1.23%, while gold min...
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