Online Reporter
The JSE All Share Index (Alsi) hit a new record on Wednesday, on the back of Richemont’s (CFR) bull run continuing and tech giants Naspers and Prosus’s share prices on firmer footings.
Africa’s largest stock exchange brushed off potential volatility from US President Donald Trump’s broadsides against South Africa, topping the 88 500 points mark in intraday trade.
It wasn’t a bull run, with the JSE eventually closing 0,4 percent up, at 87 942. However, the bourse again topped the 88 500 points mark in early morning trade on yesterday, hitting a new all-time high of 88 644 points.
By 3pm the JSE traded around 0,1 percent firmer, just above the 88 000 points mark, with Johann Rupert’s Richemont jumping a further 3 percent and reaching a new 52-week high.
“Naspers, Prosus, Richemont, ABInbev, British American Tobacco and some gold stocks have all been running… Particularly the first three [stocks above], which have the largest weights in the index,” Keith McLachlan from Integral Asset Management tells Moneyweb.
“Richemont has run hard and has outperformed its global luxury peers recently, as particularly jewelry grew nicely [despite China],” says McLachlan.
“Worth noting is that the Naspers/Prosus complex has not just been running on the new CEO executing well, but also the Chinese DeepSeek moment has attracted capital back into Chinese tech and Tencent has gained positive momentum from that,” he adds.
Just One Lap’s Simon Brown says the JSE’s performance is surprising.
“Surprised, yes I am, with all the wildness coming out of the US – some of which aimed at us [SA]. But Richemont and the goldies are doing much of the lifting and CFR is big in the index.”
In its daily morning market commentary on Thursday, Anchor Capital pointed out that property sector stocks, platinum and retail stocks also led the gains on Wednesday. However, the likes of Pan African Resources, Exxaro Resources and Glencore closed weaker.
The JSE hit a new high in terms of Zim dollar years ago. It hit a new high in terms of rand now. It is at the same level as in 2007 in dollar terms, and negative 74 percent over that period in terms of ounces of gold. — Moneyweb.
