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Johannesburg - The share price of Naspers [JSE:NPN] continued to pull the JSE higher on Tuesday, as it set yet another all-time high.
Naspers represents more than 12% of the market value of the JSE and is by far the biggest share in the Industrial index, which was 0.46% higher by mid-morning on Tuesday. The index is now more than 12% higher over the past 90 days.
This was enough to ensure that the All-share index was just in the black trading 0.09% higher 53 864 points, while the Top 40 index was 0.06% stronger at 47 098 points.
The Financial index was only 0.23% higher, while the Resources and Gold indices lost further ground on the back of weaker commodity prices. The Resources index lost 1.11% while the Gold index gave up 2%, losing 13.5%.
At mid-morning Naspers was 1.31% higher on a new high of R2 571.92; before Tuesday’s trade it was almost 4% higher over the past seven days. The share gained more than 16% over the past month and 26.3% over the past three months.
The rest of the Industrial index was a mixed bag, with heavyweights such as Richemont [JSE:CFR], Remgro [JSE:REM] and Steinhoff [JSE:SHF] losing ground, while British American Tobacco [JSE:BTI], Sasol [JSE:SOL] and Aspen [JSE:APN] traded modestly higher.
The Industrial index also received support from stronger world markets backed by indications of stronger global growth, with manufacturing in Europe at the highest level in six years and Asia showing strong growth.
By mid-morning Remgro was 0.58% softer at R220.56 as investors took profits after last week’s gains of more than 3% on the back of a strong rise in the share price in Mediclinic International [JSE:MEI], of which Remgro owns 41.5%. Mediclinic, which closed more than 13% higher on Friday, was 0.73% higher at R111.99.
Richemont, which traded at a 52-week high last week, was 0.12% softer at R11.99. Steinhoff lost 0.73% to R67.60.
Aspen traded 0.87% higher at R279.64. The share has made up almost all the losses of last month, when it dropped almost 5% on one day on allegations around the impropriety of its cancer drug pricing.
British American Tobacco was 0.60% stronger at R906.30. Before Tuesday's trade the share price was already 8.9% higher over the previous 30 days and 15.6% over the previous 90 days. Sasol, which is almost 13% higher over the past 30 days, traded 0.86% higher at R413.51.
In the resources sector Anglo American [JE:AGL] lost 2.49% to R187.14 and BHP Billiton [JSE:BIL] traded below R200 again as the share price lost 1.51% to R199.99.
