JSE pares losses as some miners turn positive and the global equity rout continues
The JSE had recovered a little from its initial sharp drop shortly before midday on Tuesday, but was still firmly on the back foot as risk-aversion continued dominate market sentiment.All indices on the JSE had recovered some of their earlier losses, while precious metal miners were positive. Property stocks recovered the most, as US treasuries found significant support despite a weaker dollar.The Dow suffered its biggest ever drop by points on Tuesday, sending a shock through global markets, with losses on major Asian markets ranging from 3% to 5%."It was a bloodbath, with broad-based heavy selling on possible rising interest rates concerns," Nedbank Corporate and Investment Banking analysts said.Locally, retailers and financial stocks led the losses while market heavyweight Naspers was off 0.7% to R3,098.18, having lost almost 11% so far this year. Naspers is reportedly fighting back against a negative Investec report that suggested it should be valued at a 30% discount to its ass...
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