JSE closes flat as retailers and banks retreat amid ‘eerie calm’ in markets
The JSE closed flat on Wednesday as banks and retailers were sold off in risk-off trade, with Naspers and gold stocks rising in erratic trade. Focus was on market heavyweight Naspers after its Chinese internet investment Tencent, of which it owns 34%, reported strong results with first-quarter profit jumping 58% to $2.1bn year on year. Shares in Naspers, which now has a R1.19-trillion market cap, closed 2.06% higher at R2,725, just missing its previous record of R2,750 reached last week. After a promising opening, the market was hit by risk aversion near the close with the Dow Jones industrial average opening more than 1% lower on renewed jitters surrounding the troubled presidency of Donald Trump. European markets were also lower with the Paris CAC 40 down 1.50%, Germany’s Dax 1.24% and the FTSE 100 0.41%. The latest Trump controversy relates to Russian leader Vladimir Putin offering to release a recording of the conversations between Trump and the Russian foreign minister and Russ...
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