JSE ends losing streak on Naspers strength

The JSE snapped a four-session losing streak on Thursday‚ rebounding from losses shortly before the market closed‚ due to a strong performance by Naspers.

The rand was firmer‚ lifted by a sharp increase in interest rates in Turkey‚ news that the US and China were set to hold a new round of trade talks‚ as well as tepid US inflation data.

Further support came from a softening oil price‚ which retreated after Hurricane Florence was downgraded to a less severe category.

The all share gained 0.38% to 56‚166.9 points and the top 40 rose 0.35%.

The platinum index gained 1.96%‚ general retailers 1.54% and industrials 0.62%. Property stocks fell 0.48%.

Domestic data was downbeat‚ with mining production data for July missing expectations‚ contracting 5.2% year on year‚ a far cry from the 3% growth expected by a Bloomberg consensus forecast.

Commodity prices have suffered of late‚ as indicated by the Economist base metals index‚ which is down about 16% since January‚ Investec economist Lara Hodes said.

Rising geopolitical tension and heightened trade concern had reinforced investor concerns about global growth‚ threatening demand‚ while policy uncertainty had added pressure to the sector.

Most JSE-listed miners were lower‚ although the platinum index was lifted by a firmer metal price‚ and better results from Impala Platinum.

Naspers firmed 3.31% to R3‚155‚ having been under pressure earlier in the week due to losses by Hong Kong associate Tencent. –