The JSE closed weaker on Wednesday, as diversified miners lost out on lower iron ore and copper prices, against the backdrop of softer global markets and despite a sterling performance by Naspers. Naspers closed at a record high after Chinese internet company Tencent, of which it owns about a third, reported third-quarter net profit rose nearly 70% from a year earlier. Miners have been under pressure for most of the week following weaker Chinese data and amid some profit-taking. Even the stable rand on the day failed to provide any support. Markets have had a good run in 2017, with many of them having traded at or around new highs only a few days ago, said IG SA analyst Shaun Murison. "The short-term pullback in global markets is perhaps the start of a healthier short-term correction to support longer-term gains," he said. Murison said Naspers’s strong performance was interesting as the gains did not correlate with Tencent’s movements on the day. "It was actually down 1.3% today on ...
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