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Johannesburg - South African stocks rebounded on Thursday from their biggest fall in four months in the previous session, led by media group Naspers [JSE:NPN] which was lifted by gaming revenue growth by its Chinese money spinner Tencent Holdings.
Naspers ended the session 4.35% higher, the biggest blue chip advancer of the day, after Tencent jumped 5 percent in Hong Kong as investors cheered its 35% gain in online gaming revenue in the third quarter.
The South African media group owns more than 30% of China's biggest internet company by revenue.
Propelled by the success of its Asian prize, Naspers has been one of the driving forces behind a record run in South African stocks this year.
Thursday's gains brought the market within striking distance of record highs scaled last week. Some technical signals suggest there could be scope for more upside movement despite dour domestic fundamentals such as sluggish economic growth and labour strife.
South African stocks were also lifted with global peers on Thursday by confirmation from incoming US Federal Reserve chief Janet Yellen that the U.S. central bank's loose monetary policy was here to stay.
"The markets are happy with Yellen's comments," said Michael Leister, senior rates strategist at Commerzbank.
South Africa's Top-40 index rose 0.65% to 40 163.83. The wider All-share index index climbed 0.62% to 44 903.85.
On the downside, Illovo Sugar fell over 3% to R28 after it said in a trading update that market conditions are likely to negatively impact its earnings.
Advancers outnumbered decliners 188 to 117 with 53 counters unchanged, according to preliminary bourse data. Around 160 million shares changed hands.
Naspers ended the session 4.35% higher, the biggest blue chip advancer of the day, after Tencent jumped 5 percent in Hong Kong as investors cheered its 35% gain in online gaming revenue in the third quarter.
The South African media group owns more than 30% of China's biggest internet company by revenue.
Propelled by the success of its Asian prize, Naspers has been one of the driving forces behind a record run in South African stocks this year.
Thursday's gains brought the market within striking distance of record highs scaled last week. Some technical signals suggest there could be scope for more upside movement despite dour domestic fundamentals such as sluggish economic growth and labour strife.
South African stocks were also lifted with global peers on Thursday by confirmation from incoming US Federal Reserve chief Janet Yellen that the U.S. central bank's loose monetary policy was here to stay.
"The markets are happy with Yellen's comments," said Michael Leister, senior rates strategist at Commerzbank.
South Africa's Top-40 index rose 0.65% to 40 163.83. The wider All-share index index climbed 0.62% to 44 903.85.
On the downside, Illovo Sugar fell over 3% to R28 after it said in a trading update that market conditions are likely to negatively impact its earnings.
Advancers outnumbered decliners 188 to 117 with 53 counters unchanged, according to preliminary bourse data. Around 160 million shares changed hands.
