Platinum and Naspers lead JSE up, despite rand hedge losses

LOSSES by rand hedges due to a mild recovery by the rand failed to keep the JSE from hitting a record high yesterday‚ with Naspers lifting the industrial index.

Naspers added 2.06% to R3 541.54‚ tracking gains in Hong Kong-listed Tencent‚ while gold miners fared best despite a relatively flat metal price.

Platinum stocks gained 2.51%‚ gold miners 2.26% and resources 1.71%.

The JSE closed 0.57% higher at 59 975.7 points and the Top 40 was up 0.69%. Property stocks lost 1.08%

In the absence of significant data releases‚ analysts expect political considerations to provide the bulk of sentiment this week.

The rand and South African bonds are expected to be under pressure in coming weeks‚ ahead of reviews by S&P and Moody’s of South Africa’s credit rating on November 24.

The JSE continued to push higher this year, despite there being little meaningful improvement in the political and economic situation‚ Old Mutual Multi-Managers strategists Dave Mohr and Izak Odendaal said.

The international backdrop mattered more to the JSE. Global markets were mixed‚ but a series of upbeat international data releases have pointed to a sustained and synchronised global economic recovery.

Even in dollar terms‚ the JSE mining index was trading near a 2½-year high.

Diversified miner BHP added 2.64% to R271.47 and Anglo American 2.41% to R280.49.

AngloGold Ashanti rose 3.42% to R133.25, after production increased 11% for its quarter to end-September, compared with the prior period.

Anglo American Platinum jumped 4.13% to R418 and Impala Platinum 3.9% to R41.30. Embattled Lonmin was off 5.93% to R13.17‚ bringing this month’s losses to 32.39%.

Bidvest gained 3.44% to R178.12. – BusinessLIVE