JSE rebounds as Naspers does heavy lifting

The JSE fared a lot better on Friday morning, riding out the global equity market storm.

The all share was up 0.93% to 51,827.20 points, leaving it on track to finish positively for the third week in a row, though its performance came off a very low base.

The top 40 index gained 0.96%, as the industrial 25 gauge rose 1.54%.

Media and internet group Naspers, which accounts for the fifth of the all share, did the heavy lifting, masking the patchy performance in other areas of the local stock market.

Naspers shares rose 4.4% to R2,927.01, taking their cue from Chinese associate Tencent, in which the South African company has a 31% interest. Tencent shares gained in Hong Kong amid reports that Chinese regulators would soon approve new video games.

Banks and insurance stocks were patchy, and retailers came under pressure. 

Asian stocks settled mostly weaker, though they pared losses towards the close. Japan’s Nikkei 225 lost 1.11% but Hong Kong’s Hang Seng rebounded 0.60%.

The generally weaker session in Asia followed a sharply weaker session on Wall Street, where the Dow slumped another 2%.

“Another week draws to a close in the markets and as we approach the end of the year, it’s looking increasingly unlikely that a late Santa surge is going to save what has been an otherwise horrible quarter,” said Craig Erlam, senior market analyst at Oanda.

“We’ve gone from undeterred optimism to widespread pessimism in such a short period of time — as is often the case — and there clearly isn’t much appetite just yet to try and catch this particular falling knife.”

Global equities have been under intense pressure for the better part of the year, hobbled by concerns over a US-China trade war and higher interest rates in the US, among other factors.

Gold Fields was up 1.84% to R48.19 and Anglo American Platinum 1.68% to R549.09.

Woolworths shed 2.24% to R53.62, Mr Price 2.24% to R237.44, Truworths 2% to R85.26 and TFG 2.57% to R161.78.