MARKET WRAP: Naspers fails to lift JSE, as resources stocks remain under pressure
Gains by market heavyweight Naspers failed keep the JSE in positive territory on Wednesday, with global markets broadly weaker, as mining and energy shares came under pressure.Broad selling of base metals had followed concerns over the slowing growth in the Chinese economy, with data this week showing a slowdown in industrial production and fixed-asset investment, said SP Angel analysts.Locally, Naspers gained 1.95% to R3,661.42, a record high, after Tencent‚ in which it owns about a third‚ reported that third-quarter net profit rose nearly 70%.Retailers were not lifted by earlier upbeat local data. Retail sales grew at the same rate of 5.4% year on year in September as in August, exceeding a consensus forecast of 4.5%.Despite the month-on-month falls in mining and manufacturing output, it looked as if the economy enjoyed reasonably strong growth over the third quarter as a whole, Capital Economics analysts said.The all share closed 0.56% lower at 59‚185.20 points and the blue-chip ...
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