{"id":189345,"date":"2017-08-01T07:46:52","date_gmt":"2017-08-01T05:46:52","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=189345"},"modified":"2017-08-01T07:47:47","modified_gmt":"2017-08-01T05:47:47","slug":"naspers-closes-in-on-r3000-a-share-as-stocks-reach-a-record-high","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/189345\/naspers-closes-in-on-r3000-a-share-as-stocks-reach-a-record-high\/","title":{"rendered":"Naspers closes in on R3,000 a share as stocks reach a record high"},"content":{"rendered":"

South Africa\u2019s benchmark stock index advanced to a record Monday, joining a global rally as commodity prices surged on optimism economic growth is gathering momentum.<\/p>\n

The FTSE\/JSE Africa All Share Index rose 0.6% to 55,207.41 by the close in Johannesburg, advancing 7% in July for its best monthly performance since October 2015. Mining companies including Kumba Iron Ore, Northam Platinum, Glencore and Anglo American were among the biggest gainers.<\/p>\n

South African stocks have been held back this year by an economy that slumped into its second recession in almost a decade.<\/p>\n

The Johannesburg benchmark\u2019s 9% advance since the start of 2017 is well short of the 24% jump in the MSCI Emerging Markets Index as concerns persist over whether the government of president Jacob Zuma will pursue policies to reignite growth.<\/p>\n

This is \u201cquite a big recovery from not long ago, when the market was under tremendous pressure because of the negativity that\u2019s gone on generally in the economy,\u201d Ferdi Heyneke, a money manager at Afrifocus Securities, said by phone from Johannesburg.<\/p>\n

\u201cIt could be quite a bullish sentiment if we continue to break on the upside.\u201d With the \u201cright economic management locally\u201d and a continuation of overseas markets performing well, \u201cwe can certainly see some good upside going forward,\u201d he said.<\/p>\n

 <\/p>\n

\"\"<\/a><\/p>\n

There is at least one sign that Johannesburg stocks may have already risen too much. For the first time since March 2016, the benchmark index\u2019s relative strength index is above 70, a level that suggests it may be poised to drop.<\/p>\n

As recently as the middle of last month, the RSI suggested that South African stocks were oversold.<\/p>\n

\u201cThe market is pricing in the second half of 2018, when the recession will be over, interest rates will be lower and we\u2019ll likely have a new president,\u201d Simon Brown, a trader at Just One Lap, said by email.<\/p>\n

Those factors are \u201call good news for local earnings within our market that\u2019ll be added to decent global earnings,\u201d he said.<\/p>\n

Kumba Iron Ore climbed 2.7%, Anglo American was 3% higher, Northam Platinum gained 4.8% and Glencore advanced 2.8%.<\/p>\n

Stocks that benefit from a weaker rand climbed as the South African currency fell 1.5% against the dollar. Naspers rose 2% or R58, to a record R2,9085 <\/span>and contributed the most index points to the benchmark\u2019s gain. Richemont climbed 2.9%.<\/p>\n

 <\/p>\n

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Read: Naspers CEO scores big payday<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s benchmark stock index advanced to a record Monday, joining a global rally as commodity prices surged on optimism economic growth is gathering momentum.<\/p>\n","protected":false},"author":59,"featured_media":25338,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[107],"class_list":["post-189345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-naspers"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/189345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=189345"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/189345\/revisions"}],"predecessor-version":[{"id":189357,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/189345\/revisions\/189357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/25338"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=189345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=189345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=189345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}