Naspers the exception with record

After a brisk start, the JSE ended Tuesday on a more subdued note, but still managed to close above 60,000 points for the first time.

The all share opened the day above 60,500 points, but the weaker rand failed to boost rand hedges. Naspers was the exception as the market heavyweight ended the day 2.57% higher at a record R3,632.65.

This followed gains on Hong Kong’s Hang Seng by Chinese internet and gaming company Tencent, of which Naspers owns about a third.

Naspers’s share price has risen 80.36% so far in 2017.

Retailers were supported by a positive trading update from Mr Price, while banks ended the day flat.

The Dow was up 0.22% soon after the JSE’s close, with European markets marginally weaker.

The all share closed 0.34% higher at 60,182.60 points and the blue-chip top 40 gained 0.50%. General retailers rose 1.95%, the gold index 1.49%, industrials 0.77% and resources 0.18%. Platinums shed 1.38% and property lost 0.61%.

Sasol ended the day 2.67% higher at R435.05.

Anheuser-Busch InBev shed 2.77%, to R1,680, Richemont 1.04%, to R129, and British American Tobacco 0.85%, to R915.59.

Mr Price rocketed 8.61%, to R192.25. The group said earlier it expected diluted headline earnings per share to rise between 20% and 25% for the six months to end-September.

Shortly after the JSE’s close, the rand was at R14.2256 to the dollar, from R14.0978, as the firmer dollar environment had the local currency on the back foot. The euro was at $1.1576, from $1.6100.

The rand has been on a weakening trend since the medium-term budget policy statement disappointed the market in late October. Analysts expect domestic issues to keep a cap on rand gains, ahead of ratings agency reviews on November 24, and the ANC December elective conference.

Domestic bonds were marginally firmer in choppy trade, with the R186 bid at 9.22%, from 9.27%. The US 10-year bond was at 2.322%, from 2.3147%.

The top-40 Alsi futures index rose 0.33%, to 54,231 points. The number of contracts traded was 17‚660, from Monday’s 14‚419.