A 5% plunge by market heavyweight Naspers contributed to a lower close by the JSE on Thursday, along with big diversified miners.Volumes were high — R30bn compared to the usual daily average of R20bn — with most of this trade in Naspers.Naspers fell after announcing earlier that it was selling 190-million shares in Hong Kong associate Tencent.Tencent‚ of which Naspers owns about a third‚ was also under pressure, after it missed its fourth-quarter revenue targets on Wednesday.Global markets were somewhat subdued, as the Trump administration geared up to impose new tariffs on Chinese goods.Local retailers were mixed, and economic data earlier in the day was disappointing. Retail sales grew 3.1% in January compared to a year earlier, well below market expectations of about 6.3%.Consumer spending was likely to remain supported by lower inflation and debt service costs, as well as higher consumer confidence, which would be underpinned by some positive political developments in 2018, Nedb...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.