JSE all-share index rises higher on retail sales growth and Naspers recovery
THE JSE’s all-share index closed firmer for the first time in four days yesterday.
Retail sales figures that were stronger than expected plus a recovery by Naspers supported broadbased gains.
General retailers stood out as the preferred asset class after annual growth in retail sales rose to 1.4% in September‚ slightly higher than the consensus forecast of 1% after no growth in August.
Naspers gained for the second time in six sessions after a sell-off after Donald Trump’s election win.
Improved quarterly results from Tencent‚ the Chinese company of which Naspers owns 34%‚ proved to be the catalyst. Tencent gained 2% in Hong Kong trade after posting significantly higher third-quarter revenue‚ mainly from the sale of mobile games‚ its biggest revenue driver.
Naspers ended the day 2.95% higher at R2 130. Global markets were mixed, despite a prevailing view that Trump fiscal stimulus steps would boost equity markets.
A record net 56% of investors thought global fiscal policy too restrictive and their inflation expectations soared to 85%‚ the highest in 12 years‚ Bank of America Merrill Lynch said in this month’s fundmanager survey yesterday.
The JSE all-share closed 1.16% higher at 50 004.8 and the Top 40 index 1.17%. General retailers were 3.11% firmer and food and drug sellers 2.05%. Industrials lifted 1.63% and banks 1.19%.
Barclays Africa rose 2.39% and FirstRand 1.51%.
Big retailer Spar was up 3.94% at R182. – BusinessLive