The JSE extended its record run, almost hitting its next milestone of 71,000 points amid a strong performance from Naspers and Prosus. Together the duo have a 12% weighting in the All Share index, which closed 1.21% higher at 70,938,41.
The ecommerce giants both released trade updates today in which they said they expect a significant increase of up to 500% in earnings per share due to the $12.3bn they made from selling a 2% stake in Tencent in April 2021. This gain is, however, excluded from headline earnings and core headline earnings per share, which they expect to be marginally lower. A surge in Tencent following a media report that China’s regulators are set to resume approving new games after a three-month halt, fuelled the counters to add 4.72% and 4.93% respectively.
Vivo Energy, which operates fuel stations in Africa under the Shell and Engen brands, spurted 5.96%, while renewable energy stock Montauk gained 2.83%.
Dual-listed Gold Fields (+5.72%) was ranked the top South African-listed mining company on the prestigious Dow Jones Sustainability Index (DJSI). Peers Harmony and Anglogold added 4.00% and 2.87% respectively.
PGMs BARPlats (+3.10%) and Angloplats (+2.92%) also gained.
PPC gained a solid 6.24% after the cement maker said in a trade update that it expects profits to increase by up to 89% for the six months to end-September. The group is due to release its half-year results next week.
Ninety One gained 2.82%after the fund manager saw its assets under management grow by 7% in the six months to September 30 this year, driven by net inflows and portfolio growth.
Among the losers were MultiChoice (-2.46%) and Transaction Capital (-3.78%) which posted a 234% increase in core headline earnings per share.
In the forex market, the rand tanked from a relatively stable R15.20-level to last trade at R15.54 against the US dollar after the release of higher-than-expected retail sales lifted the greenback.
Commodities also came under pressure, with gold and platinum losing 0.37% and 1.32% respectively while palladium gained 0.43%.
The rand is now in the company of other emerging markets like the ruble and Mexican peso, with the lira still on its own path. “We remain cautious over the [Reserve Bank’s] MPC meeting this week, with a no hike scenario possibly leading to a gloomy picture for the rand,” comments TreasuryONE.
Indicators as at 17:00
Currencies
USDZAR 15.4342
EURUSD 1.1343
EURZAR 17.5018
GBPUSD 1.3423
GBPZAR 20.7112
AUDZAR 11.2868
CADZAR 12.2984
CNYZAR 2.4120
ZARJPY 7.4204
CHFZAR 16.6160
USDAOA 596.40
Bonds and equities
R186 7.98%
US 10 Year 1.62%
JSE 1.10%
FTSE -0.31%
S&P 500 0.22%
Commodities
Gold $1 860.21
Plat $1 075.48
Plad $2 150.47
Rhod $14 340.00
Irid $4 390.00
Ruth $608.00
Copp $9 679.90
Brent $82.15
Iron Ore 62.5% $92.36
Coal API4 $144.00
Gold ZAR R28 716.99
Plat ZAR R16 602.72
