JSE extends recovery path in line with peers in Asia
A big recovery in Naspers helped the all share rise 0.65%
The JSE was off to a positive start on Friday, though a stronger rand took shine off some of the heavyweight dual-listed stocks.
The all share was up 0.65% to 52,006.80 points, as the top 40 gained 0.78%, thanks largely to a big recovery in Naspers, which accounts for a fifth of the local share market.
Banks and retail stocks also staged a decent recovery as the rand strengthened to its best level in just more than two weeks, helping to ward off the threat of higher inflation and thus an interest rate increase.
The rand strengthened as much as 1% against the dollar, to R14.14 from R14.70, which was its worst level in more than two months.
The broad recovery in the local share market followed a sudden recovery by its peers in Asia, despite a big sell-off on Wall Street on Thursday night.
Technology titan Apple was the latest victim of the trade spat between the US and China, which fed perceptions of slowing global economy.
But equity markets have come off aggressively in recent months, rendering them attractive to potential buyers.
Hong Kong’s Hang Seng, which is in the bear-market territory, rebounded 2.06% at the close while Shanghai Composite regained 2.05%.
Media and internet group Naspers was up 3.07% to R2,874.67.
Mr Price was up 1.78% to R242.94, Truworths 1.87% to R86.82 and TFG 1.67% to R164.
FirstRand was up 1.02% to R65.27, Absa 1.26% to R160.72 and Nedbank 1.12% to R273.83.
Food producer Tiger Brands was up 1.36% to R274.67 and AVI 1.17% to R102.94.