MARKET WRAP: Gains in Naspers offset broader losses over land fears
A resurgence of trade-war fears and policy uncertainty about land expropriation weighs on local stocks, but the JSE ends the day flat, as markets eye the US Fed
The JSE pared earlier losses to close little changed on Wednesday, having tracked lower global markets for much of the day, as trade-war concerns dulled recent risk-on sentiment.Local banks led the losses on the day, following a sharp sell-off of the rand overnight. This came after news that the ANC had decided that constitutional changes to allow expropriation of land without compensation were necessary.Global stocks were lower after the US indicated it may need to up tariffs on Chinese goods in the wake of a depreciation of the yuan. Market focus was also on the US Federal Reserve’s latest monetary policy announcement, due after local markets close.Domestic data was somewhat upbeat, with the Absa purchasing managers’ index for July coming in at 51.5 index points, sharply higher than June’s 47.9. "This suggests the manufacturing sector got off to a good start in the first month of the third quarter of 2018," Absa said.Most indices on the local bourse also perked up as US markets op...
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