JSE lifts as rebounding Naspers adds another 4%

The JSE firmed on Friday morning, looking set to add about 7% for the week, once again driven by a strong performance from Naspers.

The media giant added 4.16% to R2,931.70, once again tracking gains in its Hong Kong-listed associate, Tencent. Chinese stocks in general were stronger, boosted by comments by US President Donald Trump that he was confident a trade deal could be brokered.

Naspers has been boosted this week by, among other things, positive earnings reports by US tech companies, and a decision by global index agency MSCI not to penalise it for its dual-share structure. Naspers has gained 15.71% so far this week.

At 9.40am the all share was up 1.7% to 54,490.4 points and the top 40 1.91%. Industrials had gained 2.18% and banks 1.69%.

Focus on Friday is on US jobs numbers in the afternoon, with the market expecting that US private-sector employers added 190,000 employees in October. The data release will be closely scrutinised for signs of rising wages, which would give indications of the US Federal Reserve’s future interest rate policy.

Banks and retailers were given a fillip by a declining oil price, which on Friday had dropped to $72 a barrel.

Diversified miner Anglo American had gained 2.37% to R326.24 and BHP 1.25% to R306.74.

Rand hedge AB InBev was up 0.94% to R1,115, British American Tobacco 0.49% to R647.66 and Richemont 0.75% to R107.79.

FirstRand was up 2.08% to R66.74.

TFG had gained 2.54% to R169.38 and Truworths 2.58% to R83.85.

Gold was flat at $1,233.13 an ounce and platinum was up 0.35% to $865.26. Brent crude was flat at $72.76 a barrel.

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