JSE likely to suffer Syrian fallout on Monday
Naspers’s 31%-owned associate Tencent was down 1.52% to HK$401.80 in Hong Kong ahead of the JSE’s opening on Monday morning, part of a general slide in Chinese stocks as the market digested the weekend’s events in Syria.
Tencent contributed to Hong Kong’s Hang Seng index falling 1.5%, and mainland China’s Shenzhen and Shanghai indices were similarly down 1.5%.
Naspers fell back under R3,000 per share on Friday, closing 2.44% lower at R2,995, and is likely to slide further on Monday judging by Tencent.
The rand was weaker at R12.08 to the dollar, R14.90 to the euro and R17.22 to the pound at 7am.
Steinhoff International closed 9% down at €0.15 in Frankfurt on Friday, which equated to about R2.23 at Monday morning’s exchange rate — higher than its R2.16 closing price on the JSE on Friday.
On Saturday, the US, France and the UK fired 105 missiles, which they claim destroyed three Syrian chemical weapons facilities in response to Syrian President Bashar al-Assad attacking civilians in Douma on April 7.
"The Syrian raid was so perfectly carried out, with such precision, that the only way the Fake News Media could demean was by my use of the term ‘Mission Accomplished.’ I knew they would seize on this but felt it is such a great Military term, it should be brought back. Use often!" US President Donald Trump tweeted on Sunday.
The Syrian raid was so perfectly carried out, with such precision, that the only way the Fake News Media could demean was by my use of the term “Mission Accomplished.” I knew they would seize on this but felt it is such a great Military term, it should be brought back. Use often!— Donald J. Trump (@realDonaldTrump) April 15, 2018
Russian President Vladimir Putin responded with a statement saying further attacks by the US and its allies France and the UK on Syria would bring chaos to world affairs.