JSE recovers at the opening on banks, but Naspers still looks fragile
The JSE rebounded at the opening on Thursday as Naspers showed tentative signs of recovering from Wednesday’s rout, despite Tencent losing another 3% in Hong Kong trade. Tencent, of which Naspers owns 31.2%, lost further ground on Thursday after retreating in the previous session following disappointing quarterly results. The JSE suffered its worst daily percentage fall in 2018 on Wednesday as the local market dropped more than 3%. After plummeting 8% on Wednesday, Naspers was up 0.33% to R3,070.85 in early trade. Banks and financials firmed on a tentatively firmer rand, was at R14.4467 to the dollar from R14.5693. The banking index was also supported by relatively upbeat interim numbers from Standard Bank.
The rand lost 3% on Wednesday. Although there has been some recovery since then in overnight trade, levels above R14 still reflected an undervalued rand, analysts said. Umkhulu analyst Adam Phillips said the Turkish crisis still loomed large over the rand, despite the lira ...
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