Share

Naspers, banks lead JSE higher

Johannesburg - South African stocks ended higher on Thursday, led by Naspers [JSE:NPN] after a broker upgrade while banks extended gains for the third straight session.

Naspers topped the gainers' list on the blue-chip index after brokerage house UBS raised its rating on the e-commerce and media firm to 'buy' from 'neutral'.

Its shares climbed 4.8% to R1 340, the biggest daily percentage gain since July.

Banks featured among the gainers, continuing a recovery from a three week-low last week. Nedbank picked up 1.7% to R229.49 and FirstRand added 1.3% to R44.72.

"There is a little bit of bargain hunting that has come back into the banking sector again," said Ferdi Heyneke, a trader at Afrifocus Securities.

Traders were largely unfazed by the South African central bank's decision to leave rates unchanged and a subsequent announcement that its governor would step down.

The blue-chip JSE Top-40 index was up 0.9% at 46 226 and the broader All-share index gained 0.7% to 51 547.

On the downside, gold shares dropped as the price of bullion sank to its lowest in more than eight months. Harmony fell 3.4% to R26.80 and larger rival Gold Fields dropped 1.9% to 46.68.

Trade was robust, with 294 million shares changing hands, well above last year's daily average of 176 million , and 145 companies gaining while 143 dropped.

* Fin24 is part of Media24, a subsidiary of Naspers.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders