The JSE slid to its lowest point in about nine weeks on Tuesday, partly affected by negative sentiment around Steinhoff, which was hit by an accounting scandal last week. Markets also appeared to be taking a cautious stance ahead of the ANC’s elective conference at the weekend, touted by many as a defining event for SA. Shares in companies that both generally feed off the local economy, and those that make most of their income overseas, lost ground. Notable among these was Naspers, which has a big influence on the all share. It was last seen down 2.81% at R3,522. It rose above R4,000 in late November, but has suffered quite a pullback since. The rand, however, remained relatively steady and resilient ahead of the ANC conference, where Deputy President Cyril Ramaphosa and ANC MP Nkosazana Dlamini-Zuma will square up in a battle to become the party’s new leader. The all share was down 1.02% to 57,406.60 points at lunchtime, its lowest level since early October, as all main indices dro...
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