MARKET WRAP: JSE starts month with broad-based gains, as Naspers surges
After what was, over all, a terrible month in October, global stocks are extending gains made in the last sessions of that month
The JSE rose a healthy 2% on Thursday, starting October on a positive note, once against given the bulk of its direction from market heavyweight Naspers. Naspers jumped 8.56% to R2,814.72, given a fillip by news it will not be penalised in global index rankings for its dual-share structure, and by a recovery in global tech stocks. The all share rose 2.27% to 53,578.8 points and the top 40 2.42%. Industrials rose 3.55%, banks 2.08%, food and drug retailers 1.96%, and general retailers 1.9%. Gold miners gave up 2.09%. A 2% gain by the rand to the dollar assisted retailers and banks, but gold miners fell despite a stronger precious metal price, largely due to a 9.67% slump by Sibanye-Stillwater to R9.25. The company earlier reported steep drops in production for the quarter to end-September, as well as spiraling costs. Good news for interest rate-sensitive shares also came in the form of further moderation of the oil price, with Brent crude falling below $75 on concerns of both rising ...
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