Naspers’s almost 5% jump pulls up the JSE
Local stocks benefit from the market heavyweight’s strong showing, while banks and retailers gain due to a stable rand
An almost 5% jump by market heavyweight Naspers lifted the JSE on Wednesday, with broad-based gains for the local bourse even as some caution prevailed on global markets.
At 9.30am, Naspers had added 4.66% to R2,920, tracking gains in Hong Kong listed associate Tencent.
At the same time the all share rose 1.74% to 52,246 points and the top 40 was up 1.87%. Industrials had gained 2.29%, general retailers 1.23% and banks 1.24%.
Market focus this week is on the forthcoming Group of 20 (G20) summit in Argentina, where US President Donald Trump is expected to meet Chinese Premier Xi Jinping to discuss ongoing trade issues. Should this meeting fail to make progress, it is likely that the US will raise import tariffs on Chinese goods to 25%.
The rand was stable on Wednesday morning, while precious metals were flat.
Diversified miner BHP was up 1.58% to R269.13, Anglo American 1.29% to R276.50 and Glencore 1.12% to R50.60.
Rand hedge Richemont gained 1.2% to R92.60.
Bid Corporation added 0.6% to R278.34, having earlier released a trading update in which it reported solid trading profit in Europe, and “satisfactory” growth in SA.
Arrowhead Properties jumped 7.7% to R4.30, despite earlier lowering its dividend for the year to end-September to 74.10c per share compared with 87.52c in the previous period. Net asset value per share, including non-controlling interests, fell to 1,041.64c from 1,103.91c.
Gold edged 0.13% lower to $1,213.20/oz while platinum was flat at $833.39.
Brent crude had risen 0.31% to $61.14 a barrel.