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Johannesburg - Stocks on the JSE pulled back from record highs on Thursday but shares of Swiss luxury goods maker Richemont rose after it posted higher full-year profits and launched a three-year share buyback programme.
Tiger Brands, Africa's second-biggest consumer foods maker, added 3.92% to R287.67 despite flagging up flat first-half profits, with investors seeing value in the stock after recent heavy selling.
"Tiger Brands has been oversold for quite a long while. Too much negativity was priced into the share and now the market is seeing that they might be on course for a recovery," said Rigardt Maartens, a portfolio manager at PSG.
The benchmark Top 40 index, which hit a record high of 44 820.05 in the session, closed down 0.31% at 44 388.19. The All-share index shed 0.36% to 49 454.59 after touching an all-time high of 49 885.84.
Richemont, which also trades in Zurich, added 4.15% to R105.5.
Among the shares pulling down the Johannesburg bourse was e-commerce firm Naspers, which fell 3.31% to R1 150.0, after climbing 10% the previous day after the firm's Chinese moneymaker, Tencent Holdings, shot past estimates with a record quarterly profit.
Private hospital group Netcare fell 2.29% to R25.60 after flagging lower first-half earnings.
Trade was relatively active with 180 million shares changing hands and decliners outnumbered advancers, 167 to 135.
Tiger Brands, Africa's second-biggest consumer foods maker, added 3.92% to R287.67 despite flagging up flat first-half profits, with investors seeing value in the stock after recent heavy selling.
"Tiger Brands has been oversold for quite a long while. Too much negativity was priced into the share and now the market is seeing that they might be on course for a recovery," said Rigardt Maartens, a portfolio manager at PSG.
The benchmark Top 40 index, which hit a record high of 44 820.05 in the session, closed down 0.31% at 44 388.19. The All-share index shed 0.36% to 49 454.59 after touching an all-time high of 49 885.84.
Richemont, which also trades in Zurich, added 4.15% to R105.5.
Among the shares pulling down the Johannesburg bourse was e-commerce firm Naspers, which fell 3.31% to R1 150.0, after climbing 10% the previous day after the firm's Chinese moneymaker, Tencent Holdings, shot past estimates with a record quarterly profit.
Private hospital group Netcare fell 2.29% to R25.60 after flagging lower first-half earnings.
Trade was relatively active with 180 million shares changing hands and decliners outnumbered advancers, 167 to 135.
