JSE opens higher as general retailers shrug off subdued Shoprite update
The JSE opened firmer on Tuesday on Naspers’s performance and despite a subdued operational update from Shoprite, as property stocks continued their recovery. Property stocks came under pressure last week amid a possible negative review on companies in the sector by the shadowy Viceroy group. The sector is up 2.4% for the week but down 5.17% in 2018. Market heavyweight Naspers led the industrials on volumes, after its Chinese Tencent investment rose 2% in Hong Kong trade. Shoprite Group said it increased turnover 6.3% for the six months to December 2017. Supermarkets, the group’s primary business, increased sales 7.8%, the group said. Woolworths was slightly lower after a disappointing trading update on Monday, while troubled Steinhoff was higher. The market was following firmer Asian markets. The Nikkei 225 rose 1% and the Hang Seng 1.36%. US markets will be open on Tuesday after Monday’s public holiday. Liquidity on the JSE has been thin, which is likely to normalise in coming wee...
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