MARKET WRAP: JSE snaps five-week losing streak, adding 6.75%
Market heavyweight Naspers once again lifts the local bourse, while banks firm almost 4% in risk-on global trade
The JSE rose 1.29% on Friday, bringing its weekly gains to 6.75%, buoyed by a strong showing by Naspers and banks. The media giant added 2.99% to reach R2,898.97, once again tracking gains in its Hong Kong-listed associate, Tencent. World stocks surged, boosted by comments by US President Donald Trump that he was confident a trade deal could be brokered between China and the US. Naspers has been boosted this week by, among other things, positive earnings reports by US tech companies, and a decision by global index agency MSCI not to penalise it for its dual-share structure. Naspers rose 13.29% in the week. The all share closed at 54,271.2 points, while the top 40 added 1.45%. Banks gained 3.81%, resources 2.52%, industrials 1.71% and property 1.76%. The banking index rose 9.49% during the week. Retailers and banking stocks were given a fillip by a falling oil price, which has dropped below $73 a barrel. Brent crude has come under pressure amid signs of rising supply globally, althou...
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