The rand, which weakened to R12.96/$ after Moody’s downgraded SA’s sovereign credit rating a notch on Friday night, was trading at R12.88/$ at 6:45am on Monday morning. The rand was trading at R14.43/€ and R16.42/£. Naspers is likely to track its Chinese associate Tencent lower on Monday. Tencent was 2.6% lower at HK$270.20 ahead of the JSE’s opening, contributing to a 1.22% fall in the Hang Seng index. The drop in Tencent and other Asian technology stocks was triggered by a 1.8% slump in the Nasdaq index on Friday. The drop in US technology stocks was attributed to a warning from Goldman Sachs Group global chief investment officer Robert Boroujerdi that Wall Street’s buoyancy was overly reliant on the "Fang" stocks — Facebook, Amazon, Netflix and Google-parent Alphabet. Alexander Forbes said on March 30 that it expected to report on Monday its R788m profit from the sale of its UK subsidiary Lane Clark and Peacock would double its basic earnings per share (EPS) for the year to end-M...
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