JSE opens lower in mixed trade as market awaits Tencent effect on Naspers
The JSE opened marginally higher on Wednesday as miners and banks recovered from a weak previous session and the market awaited Chinese internet group Tencent’s quarterly results.Tencent’s numbers, expected after midday at the close of the Hang Seng, will have a direct effect on market heavyweight Naspers, which owns 31.2% of the giant Chinese company.Tencent and Naspers closed weaker on Tuesday, amid speculation that Tencent could report the lowest profit numbers in a decade. Naspers extended losses at the opening.Asian markets were in the red after the Dow closed 0.78% lower on Tuesday. The Nikkei 225 lost 0.44% and the Hang Seng was exactly flat."US markets took a breather from a four-day rally as investors looked for clues on how aggressive the US Federal Reserve hiking cycle would be," Nedbank Corporate and Investment Banking analysts said.A higher platinum price had little effect on stocks in the sector as the rand firmed to R12.5161/$ from R12.5662 and local bonds recovered s...
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