JSE lower on trade war concerns as Naspers weakens following mixed results
Asian markets were weaker as global trade tensions remain in play, with President Donald Trump now threatening European car makers
The JSE opened lower on Monday as trade war concerns and a weaker opening by Naspers, following mixed annual results, weighed on the market.After jumping 3% on Friday on the numbers to end-March, Naspers opened more than 1.5% down as it reacted to a softer performance from Chinese internet and gaming company Tencent.Tencent, of which Naspers owns 31.2%, lost 1.66% in Asian trade.Naspers is still heavily reliant on Tencent’s performance amid reports that an MSCI index fund might sell some of its holdings in Naspers due to issues relating to the group’s convoluted holding structure.According to the structure, non-listed A-shareholders have the majority voting rights in Naspers. Ordinary shareholders are permitted to trade only in its N-shares, resulting in a huge discount to the group’s real value.Naspers is a major constituent of the MSCI emerging-markets index."Asian markets were weaker this morning, tracking lower US futures as global trade tensions remained in play with Presiden...
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