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Johannesburg - The JSE closed at record levels on Thursday as Naspers [JSE:NPN] gained 0.81% to end the session at R3 001.63, lifting the Industrial index 0.60%.
At the close of the session, the All-share index gained 0.76%, while the blue-chip Top40 gained 0.74% due to a higher weighting of Naspers. The push in Naspers is entirely driven by its interest in Chinese media company Tencent.
Among the losers Bidcorp [JSE:BID] slipped 2.26% to R300.33 after delivering a 9.4% rise in full-year headline earnings per share (HEPS). On a constant currency basis, when converted to rands, HEPS rose 19%, as operations span across Australasia, UK, Europe and emerging markets.
Steinhoff [JSE:SNV] fell 9.81% and closed at R59.59 following a massive sell-off in the dual-listed retailer. The collapse in share price was due to a magazine report that said German prosecutors are investigating Steinhoff CEO Markus Jooste in connection with suspected accounting fraud.
Among Financials, Sanlam jumped 3% to R72.42, Old Mutual gained 1.69% to R35.44 and Discovery 1.45% to R148.55.
Massmart [JSE:MSM] gained 0.13% to R125.00 per share as the business reported a marginal rise in earnings. The company has struggled to considerably grow revenue for the last few years, and has blamed shrinking disposable income of consumers.
At the close of the JSE, the S&P500 was marginally lower by 0.15%. Monetary policymakers from around the world are gathering in Jackson Hole for the Federal Reserve's annual summit on economic policy. Janet Yellen is preparing for what could be her final visit as Fed Chair, while Mario Draghi could offer clues as to when the ECB will begin to taper QE.
Britain's economy grew as expected in the second quarter of 2017, but continued to experience a Brexit-based struggle, according to the Office for National Statistics. GDP expanded by 0.3% during the period, while annual growth was 1.7%. However, business investment held steady, while household spending rose 0.1%, to its weakest level since the end of 2014.
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