JSE closes higher on Naspers‚ platinum and banks also up

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.