JSE rebounds as Naspers does heavy lifting
Naspers shares rose 4.4%, taking their cue from Chinese associate Tencent, in which the SA firm has a 31% interest
The JSE fared a lot better on Friday morning, riding out the global equity market storm. The all share was up 0.93% to 51,827.20 points, leaving it on track to finish positively for the third week in a row, though its performance came off a very low base. The top 40 index gained 0.96%, as the industrial 25 gauge rose 1.54%. Media and internet group Naspers, which accounts for the fifth of the all share, did the heavy lifting, masking the patchy performance in other areas of the local stock market. Naspers shares rose 4.4% to R2,927.01, taking their cue from Chinese associate Tencent, in which the South African company has a 31% interest. Tencent shares gained in Hong Kong amid reports that Chinese regulators would soon approve new video games. Banks and insurance stocks were patchy, and retailers came under pressure. Asian stocks settled mostly weaker, though they pared losses towards the close. Japan's Nikkei 225 lost 1.11% but Hong Kong's Hang Seng rebounded 0.60%. The generally w...
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