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Naspers leads JSE stocks higher

Johannesburg - South African stocks ended higher on Monday, snapping two straight sessions of losses, led by Naspers as Africa's biggest media and e-commerce group rebounded from several days of steep falls.

Naspers added the most points to Johannesburg's benchmark index, jumping 5.6 percent to 1,220 rand.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

Naspers owns about a third of Tencent, China's biggest internet firm, that last week posted slower quarterly growth.

A week earlier, China's central bank ordered a halt to some mobile payment methods used by internet firms such as Tencent.

“A lot of the upside is coming from Naspers - up about 6 percent and that's really carrying the market forward,” said Deryck Janse van Rensburg, a trader at Nedbank Private Wealth.

The benchmark JSE Top-40 index added 0.82 percent to 42,226.83 and the broader All-share index gained by almost the same margin to 46,875.37.

Investec rallied 4.11 percent to 82.40 rand - its highest level in more than 5 years.

The investment bank and asset manager said late on Thursday full-year profit likely rose as much as 7 percent.

Hosken Consolidated Investments gained 4.11 percent to 147 rand after the investment firm said it would spin-off and separately list US energy firm Montauk on the Johannesburg bourse.

Advancers outnumbered decliners 184 to 115 with 52 issues unchanged, according to preliminary bourse data.

Trade was average with 170 million shares changing hands. - Reuters

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