JSE closes higher on Naspers‚ plat­inum and banks also up

The Herald (South Africa) - - BUSINESS - Maarten Mit­tner

THE JSE all-share ended in pos­i­tive ter­ri­tory yes­ter­day as Naspers gained more than 1%‚ while plat­inum shares recorded fur­ther gains and banks re­cov­ered af­ter a tor­rid time last week.

The all-share in­dex re­cov­ered from a dip at mid­day when do­mes­ti­cally fo­cused stocks re­gained some com­po­sure af­ter be­ing ham­mered last week.

Plat­inum stocks recorded fur­ther gains, de­spite a flat metal price.

Gen­eral re­tail­ers and prop­erty also gained yes­ter­day, with di­ver­si­fied global min­ers lit­tle changed.

Rand hedges turned neg­a­tive as the rand gained on the dol­lar, de­spite a warn­ing from rat­ings agency Moody’s that last week’s medium-term bud­get pol­icy speech was “credit neg­a­tive”.

The mar­ket is brac­ing for fur­ther down­grade an­nounce­ments, although there is a view that the rat­ings agen­cies would rather wait un­til af­ter the ANC con­fer­ence in De­cem­ber be­fore mak­ing their de­ci­sion known.

The mar­ket showed lit­tle re­ac­tion to mori­bund credit num­bers‚ with pri­vate sec­tor credit ex­ten­sion growth slip­ping to an an­nual 5.6% last month‚ from 6% in Au­gust.

The all-share rose 0.28% to 58 879.1 points and the blue-chip Top 40 0.14%.

Plat­inum stocks were up 1.92%‚ banks 0.76%‚ gen­eral re­tail­ers 0.73%‚ gold min­ers 0.59%, fi­nan­cial shares 0.44% and prop­erty 0.22%.

Food and drug re­tail­ers lost 0.8% and re­sources 0.09%. Naspers gained 1.27% to R3 451. Bri­tish Amer­i­can To­bacco gave up 1.52% to R917.24 and Richemont 0.71% to R129.40.

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