Picture: MICHAEL ETTERSHANK
Picture: MICHAEL ETTERSHANK

A strong performance by Naspers lifted the JSE on Monday morning, with the market heavyweight offsetting losses in most other indices.

Naspers was tracking gains in Hong Kong-listed associate Tencent, which had risen to a four-month high. Most Asian markets had been closed last week for the lunar new year.

At 10am Naspers was up 2.24% to R3,057.03.

The all share was up 0.47% to 53,493.1 points and the top 40 0.61%. Industrials had gained 0.94%, while gold miners had lost 0.92%.

Locally, investors were digesting the resumption of load-shedding. Last week plans for splitting up the embattled power utility were announced, sparking outrage and promises of industrial action from Eskom unions.

President Cyril Ramaphosa will also answer questions related to his state of the nation address on Thursday.

A series of domestic data releases are also due this week, with mining, manufacturing and retail sales data for December all due.

US officials are also heading to Beijing this week to resume trade negotiations. Headlines from these meetings are likely to provide the market with direction, as investors seek to determine the likelihood of a trade deal being reached before a March 1 tariff deadline passes.

Gold was down 0.31% to $1,310.47/oz and platinum 0.89% to $792.25. Brent crude was 0.68% lower at $61.64 a barrel.

Sasol had lost 0.72% to R382. It had slumped 6.5% on Friday, after it reported further delays in their US based Louisiana investment, as well as rising costs.

Montauk Holdings plummeted 21.42% to R55

Woolworths was down 1.2% to R46.79.

gernetzkyk@businesslive.co.za