Property rout leads JSE lower, while Naspers feels MultiChoice headwinds
The JSE closed lower on Thursday in choppy trade, as property stocks and industrials retreated, with banks and financials remaining firm owing to the stronger rand environment. Rand hedges were dragged down by Naspers, amid sharp reaction to the group’s announcement on Wednesday that no member of top management at MultiChoice would lose their job over the ANN7 debacle. Naspers admitted that mistakes were made in the handling of its contract with then Gupta-owned ANN7, for which the broadcaster was paid about R500m since 2013 by MultiChoice. But no evidence of corruption was uncovered, Naspers CEO Bob van Dijk said. Tencent, of which Naspers owns about a third and which usually drives Naspers’s share price, closed 0.78% lower in Hong Kong trade. The rand firmed to R11.83 to the dollar in intraday trade, before weakening slightly later on a softer dollar. Analysts were surprised at the dollar’s weakness, after the US Federal Reserve hinted at three further interest-rate increases in 2...
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