News Column

Market Report

February 18, 2014

stocks booked their highest close on record yesterday, as media group Naspers scaled new highs, propelled by a surge in Chinese internet company Tencent, of which it owns a third.

Shares of Transaction Capital rose 4.2 percent to R7.40 after the financial firm said it would pay out a special distribution of 210 cents a share to shareholders.

Sibanye Gold was another star performer, adding more than 3 percent to R20.40 after it said its economically extractable reserves were about 46 percent above its previous estimate.

"Their life of mine profile is longer, so you can discount even more years of earnings into the share price, and that's the reason why it's been re-rated today," said Mohammed Nalla, head of strategic research at Nedbank Capital.

The Top40 index rose 0.92 percent to a record closing level of |42 478.88. The all share finished 0.86 percent higher at 47 027.54, marking the second consecutive session of gains for the market.

Last week offshore investors were net buyers of R1.2 billion worth of South African shares, data from the JSE showed yesterday. That was a reversal of the trend this year, as investors remained net sellers of South African shares to the tune of R5.8bn. - Reuters

Cape Argus

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Source: Cape Argus (South Africa)

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