JSE opens lower as Steinhoff recovers further and Naspers loses ground
The JSE opened weaker on Tuesday, as Steinhoff rebounded another 20%, but Naspers retreated on weaker Asian markets. Chinese internet company Tencent, of which Naspers owns about a third, fell 2% in Hong Kong trade as the market remained cautious ahead of an expected US interest-rate increase this week. The Dow closed 0.23% up at 24,386.03 points on Monday. The Nikkei 225 was down 0.32% and the Hang Seng 0.55%. Markets were subdued ahead of the rates decisions by central banks this week, including the US Federal Reserve on Wednesday. The European Central Bank and Bank of England will announce their current monetary policy stances on Thursday. Despite this, foreign flows to SA markets rebounded strongly last week, with inflows of R5.24bn. Although this was a far cry from the outflow of R15.3bn seen in the previous week, it was still a solid inflow as it was well above the weekly average, analysts at Nedbank Corporate and Investment Banking said. All of the inflows were led by the equ...
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