Naspers pulls up JSE amid market caution

The JSE was firmer on Wednesday morning, due to strong performances from local retailers and Naspers, while miners were under pressure.

Caution prevails in the market ahead of a busy day in terms of political and economic news. The main events include US inflation data, a European Central Bank (ECB) policy announcement, US Federal Reserve minutes and an EU summit that will address Brexit.

Domestic issues are in the back seat, but the SA Chamber of Commerce and Industry’s (Sacci) business confidence index is due at 11.30am.

At 10am the all share was up 0.53% to 58,147 points while the top 40 gained 0.66%. Food and drug retailers had added 1.84%, industrials 1.18% and general retailers 1.05%. Platinums fell 2.49% and gold miners 2.39%.

Gold was flat at $1,302.90/oz while platinum had added 0.16% to $889.69.

Brent crude was flat at $70.84 a barrel.

Naspers was up 1.61% to R3,581.84, tracking gains in Hong Kong-listed Tencent, of which it owns 31%.

Rand hedge AB InBev was up 1.48% to R1,232.95 and Richemont 0.91% to R98.76.

Richemont had slumped 3.88% on Monday, after Credit Suisse said it believed its share price was overvalued, as the market underestimated the amount of cash the company needed to put into its businesses.

Absa had slumped 2.67% to R158.95.

Shoprite was up 2.36% to R166.10 and Spar 1.93% to R196.58.

Vodacom had gained 1.3% to R113.45.

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