Share

SA stocks edge to record close

Johannesburg - South African stocks booked their highest close on record on Friday, edging up 0.3% as positive economic data from China helped lift shares of Richemont and other firms sensitive to Asian demand.

Gains were limited as shares of Kumba Iron Ore tumbled 7.6% to R438.06 after it reported a 16% drop in quarterly production.

Sentiment was also buoyed by firmness in global equity markets, as the US government's last minute debt deal increased expectations the US Federal Reserve will need to keep its stimulus programme in place for longer.

"Kumba did come off very sharply today, on its (production) report, but at the same time we're seeing some nice, strong moves on the market," said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.

"The US shutdown worries have been put to the side, but it's still very mixed."

The benchmark Top-40 index finished up 0.27% at 39 894.47, its highest close on record. It earlier topped 40 000 for the first time in its 18-year history.

The broader All-Share index gained 0.39% to 44 689.29, also a record finish.

Data showed China's economy grew 7.8% in the third quarter, its fastest pace this year.

That helped lift Johannesburg shares of Richemont - the Swiss-based luxury goods maker founded and run by South Africa's Rupert family - by 1.6% to R100.48, as investors bet on continued Chinese demand for Cartier watches and Mont Blanc pens.

Elsewhere, insurer Sanlam rose 5.5% to R50.42, as investors began to cycle back into financial firms, some of which have been relative underperformers this year.

Shares of Transaction Capital rose 4% to R7.61 after the investment holding company said it was in deal talks. It did not give further details.

Volume was average, with 151 million shares changing hands, according to preliminary bourse data. A total of 172 shares advanced, 113 declined and 56 were unchanged.


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
18.89
+0.3%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
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