The JSE suffered its worst daily loss since September on Tuesday, with a fall by market heavyweight Naspers offsetting gains by banks and retailers. Banks reached a record high as the local bourse reached a five-week low, after the rand held steady. The local currency was bolstered by the prospects of ANC deputy president Cyril Ramaphosa winning his party’s succession race later in December. Analysts said the rand had not fully priced in political volatility related the conference, warning that Ramaphosa’s current electoral lead may not necessarily translate into actual votes in December. A firmer rand weighed on rand hedges, including Naspers, which was already under pressure following a drop in Chinese associate Tencent. Gold and platinum miners fared worst, put under pressure by softer precious-metal prices. Local data was positive, with Statistics SA’s third-quarter GDP data beating market expectations. Despite a weak first quarter, growth would probably exceed consensus expecta...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now