JSE ends higher – just shy of previous record

THE JSE closed firmer yesterday, only 146 points shy of its previous record high this year.

Naspers‚ diversified miners‚ Sasol and Mondi led the way in generally upbeat trade.

Volumes were on the high side‚ at R26.5-billion‚ with the daily average about R20-billion.

The JSE‚ closing firmer for the fourth consecutive day‚ was supported by the continued rise in a number of global markets.

Naspers continued its rally with another record high‚ as its investment in the Chinese group Tencent continues to pay off.

Naspers – up 1.19% to R3 095 yesterday – has gained 53.6% this year‚ with some analysts remaining bullish about its next target. Sasol rose 3.39% to R380.50. Mondi was up 2.3% to R382.62. Global growth prospects and expectations that the rand – although it had gained – will still weaken more, supported miners.

Anglo American was 1.88% higher at R258.29 and Glencore 1.34% to R64.82.

Political issues in South Africa are expected to keep the rand on the back foot – and so support rand hedges on the JSE.

The JSE all-share rose 0.7% to 56 750 points, just under its record high of 56 896.9 on August 25, and the blue-chip Top 40 0.8%.

Resources rose 1.45%‚ food and drug retailers 1.32%‚ the gold index 0.93%‚ banks 0.61%‚ industrials 0.56%‚ property 0.47% and financial shares 0.43%. Platinums shed 0.31%.