The JSE struggled to hold onto firmer levels on Tuesday, closing weaker in low-volume trade, as a lack of confidence in a number of the market heavyweights took its toll. Analysts said the stronger rand also hit rand hedges, while greater clarity on local political issues was necessary to sustain recent gains among banks and retailers. Volumes traded reached R14bn, from an average daily R20bn. "The market is frustrated with the reaction from companies’ management on a number of corporate scandals affecting the market recently," Capicraft Investment Partners analyst Drikus Combrinck said. Examples include the ongoing saga at Steinhoff, with property group Resilient — previously included in the top 40 — down 66% in 2018. Combrinck said market heavyweight Naspers’s actions last week had added to the confusion, after it reduced its stake in high-flying Chinese internet company Tencent. Investors are asking if Naspers management took the step to enrich themselves, he said. "Questions are...
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