JSE softens, but scrapes in above 60,000 points, as market awaits direction
The JSE was a little weaker on Wednesday, with gains by banks and gold miners offset by Naspers, which gave up some of its recent gains. Naspers lost 2.03% to R3,558.99, but has been buoyed in recent sessions by gains by Hong Kong-listed Tencent, in which it holds a sizable share. It is still up 2.56% this week. Volumes on the local bourse were slightly lower than the daily average of R20bn at R16bn. Global markets were mixed, and mostly little changed. The firmer rand lifted banks, while gold miners gained on a firmer metal price. The rand has been the biggest driver of market direction this week, while data releases have been sparse. The market is eyeing a host of ongoing local and international and domestic political issues, including Brexit negotiations and US President Donald Trump’s visit to Asia. Locally, reports that President Jacob Zuma is set to announce a plan for free higher education have raised further concerns about the government’s overspending, ahead of ratings-agen...
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