MARKET WRAP: JSE remains flat as miners gain and banks fall
Naspers fell 4% after unbundling MultiChoice, which largely offset its parents losses, but a softer dollar overnight supported local miners
The JSE fell on Wednesday, with Naspers posting a sharp drop following the separate listing of its pay-TV service. MultiChoice closed 11% higher at R106.01, giving the group a market capitalisation of about R46bn. Naspers fell 3.98% to R3,017, giving up about R53bn of its market capitalisation. Analysts expected MultiChoice to make it relatively easily into the JSE’s top 40 index, and most valuations had ranged from from about R50bn to R90bn. Naspers unbundled the pay-TV asset with no reference price. Investec Plc, which closed 0.52% higher at R91.38, now looks set to drop out of the top 40 index. Gold miners pushed higher, despite the prospect of a damaging strike across the sector. Ten mining houses, including AngloGold Ashanti, Harmony Gold and Village Main Reef, went to court on Wednesday to try to stop the strike, which is set to begin on Thursday evening. The all share rose 0.1% to 56,298 points while the top 40 fell 0.02%. Banks lost 0.87% and industrials 0.23%. Platinums add...
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