JSE surge on Naspers sale off­set by min­ing firm shares

The Star Early Edition - - PRICES -

SOUTH African stocks ended flat on Fri­day as a 9 per­cent surge in e-com­merce and me­dia gi­ant Naspers was off­set by a sell-off in min­ing com­pa­nies, which were hit by tum­bling metal prices.

The bench­mark Top40 in­dex ended up 0.03 per­cent at 45 134.15. The broad all share in­dex ticked up 0.02 per­cent to 50 598.02.

Naspers, Africa’s largest company by mar­ket value, hit a record high in in­tra­day trade after it said it would tie up with Norway’s Schib­sted in some emerg­ing mar­kets, in­clud­ing fast-grow­ing Brazil where they have bat­tled each other for years. It fin­ished up 9 per­cent at R1 555. Naspers shares saw a surge in vol­ume, with 3.9 mil­lion shares chang­ing hands, more than tre­ble its five-day av­er­age. Shares of AngloGold Ashanti, Africa’s largest gold pro­ducer, dropped 3.3 per­cent to R96.25.

Gold gained $7.25 to $1 169 an ounce, re­main­ing pinned be­low the $1 200 price that is seen a “tip­ping point” by some an­a­lysts that will her­ald shaft clo­sures.

For the last six months, South African gold pro­duc­ers have un­der­per­formed the metal price, with the Jo­han­nes­burg in­dex of gold min­ing firms drop­ping by a third while gold has lost about 10 per­cent, ac­cord­ing to Thom­son Reuters data.

Plat­inum min­ers were also ham­mered, as the pre­cious metal fell to a five-year low of $1 178 an ounce. That put it be­low an im­por­tant tech­ni­cal level of $1 183, which means a fur­ther de­cline could be on the cards.

Impala Plat­inum dropped 3.7 per­cent to R78.02.

Trade on the Jo­han­nes­burg Stock Ex­change was ac­tive with 225 mil­lion shares chang­ing hands, well above last year’s daily av­er­age of 176 mil­lion.

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