Tencent helps Naspers yank JSE higher

The JSE was sharply higher on Wednesday as Naspers rose more than 3.5% on mixed results from its Chinese Tencent investment.

Tencent, of which Naspers owns about a third, reported that revenue rose 57% for the six months to June, which beat expectations. Gross profit was up 38%, which was lower than expected.

The JSE All Share Index was near the 55500 mark, a rise of about 0.85% on the day. The Top 40 was up 1.05%.

The rand was at R13.22/$ from R13.32/$, with the dollar flat against the euro at $1.1731 after the regular Moody's update on the South African economy was released. It was not a ratings announcement.

Moody's kept its outlook on negative, saying risks to growth and fiscal strength arose from political tensions. Constraints included persistently low growth as business confidence and investment languished and policy uncertainty grew.