JSE closes flat in thin trade as ANC land expropriation news dampens market
Naspers slipped despite optimism after US/China trade talks, general retailers and miners ended higher, but banks lost out in renewed risk-off trade
The JSE closed little changed on Monday after the market struggled to find direction in thin trade, as heavyweight Naspers closed lower after starting the day more than 1% higher.After a firm opening, sentiment turned negative amid reports that the ANC intended to press ahead with expropriation of land without compensation. The party will test the argument that the Constitution, as it stands, already allows for expropriation of land without compensation.Trading volumes were low on the day, reaching just over R11.6bn by the close.Naspers lost some ground after Tencent lost 0.73% in Hong Kong trade, despite global optimism following discussions between the US and China over the weekend which may have helped to avoid an all-out trade war. Naspers owns 31.2% of Tencent.The Dow was 1.25% higher at the JSE’s close, with European markets also recording gains in upbeat trade.The global economy remained robust and US first-quarter earnings had been strong, but stock markets had mostly traded...
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