Naspers knocks JSE off record high

THE JSE closed lower yesterday‚ despite broadbased gains‚ as market heavyweight Naspers once again provided direction to the market.

Naspers gave up 4.64% to R3 900.10‚ after reaching a record high on Tuesday‚ tracking losses in Hong Kong-listed Tencent‚ of which it owns 33%.

Gold and platinum miners jumped‚ with sentiment in the sector bolstered by news that parliament would miss a December target to promulgate new mining laws.

The proposed legislation has resulted in a legal challenge by the Chamber of Mines‚ which is opposing changes to ownership requirements.

Retailers and other shares sensitive to interest rates received decent support‚ after consumer inflation moderated last month.

While it has helped dull fears of an interest rate increase‚ the Reserve Bank is unlikely to cut rates today‚ analysts have said.

The JSE all-share fell 0.75% to 60 751.2 points and the Top 40 lost 1.04%.

The platinum index added 4.33%‚ gold miners 3.49% and general retailers 2.03%. Industrials dropped 1.65%. Rand hedge Richemont fell 1.54% to R122.39 and British American Tobacco 1.09% to R927.61. Impala Platinum rocketed 9.81% to R42.41. Sibanye-Stillwater rose 5.15% to R19 and Anglogold Ashanti 4.13% to R141.34. The former earlier announced it would take a 38% stake in DRD Gold, worth R1.3-billion.

Mr Price added 3.26% to R208 and Steinhoff 2.32% to R56.45.

PPC firmed 2.01% to R6.60. – Business LIVE