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JSE moves sideways, Kumba surges

Johannesburg - The JSE ended flat on Friday, as a surge in companies with exposure to China, such as Kumba Iron Ore [JSE:KIO], was offset by a slide in Life Healthcare and other recent gainers.

Investors were taking a breather after Thursday's thundering rise of nearly 5% that saw trade volume hit a all-time record high.

Chinese demand jumped

"The last few days have highlighted how emotional markets can be and why it is important to ignore short term-moves, focus on the fundamentals and batten down the hatches for the long term," asset manager Vestact said in a note to clients.

The Top-40 index edged up 0.1% to 43 656 while the broader All-Share inched up 0.2% to 49 387.

Shares of Kumba Iron Ore and other companies reliant on Chinese demand jumped after stocks in the world's second-largest economy scaled four-year highs, led by construction companies.

Kumba, which draws 65% of its revenue from China, rose 5% to R247. The iron ore it produces is used to make the steel needed by Chinese construction companies.

Media and e-commerce firm Naspers [JSE:NPN], which has a stake in Chinese internet company Tencent Holdings, advanced 1.5% to 1 476.56.

Investors took profit

But shares of private healthcare firm Life Healthcare [JSE:LHC] and other recent gainers retreated, as investors took profit from the previous session's advance.

Life Healthcare fell 3.1% to R41.43.

Trade was subdued, with 169 million shares changing hands, well below last year's daily average of 176 million shares.

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