MARKET WRAP: JSE starts week on high note as Naspers regains lost ground
Pause in risk-off sentiment boosts banks and retailers with gold stocks the laggards of the day as dollar swings in choppy trade
The JSE started the week on a positive note with Naspers jumping more than 2%, as risk-off sentiment paused amid indications that an escalating trade war between the US and China might be averted.Naspers ended last week 5.68% lower after Chinese internet company Tencent, in which it owns 31%, delivered disappointing quarterly results. Naspers ended Monday 2.14% higher at R3,248. The gain trimmed losses in 2018 to 5.8%.Banks and financials on the JSE shrugged off choppy trade in the rand, while property stocks failed to find support following Resilient’s flat annual numbers, released on Friday.The euro was under pressure again in late trade after winning back some lost ground earlier, as the market prepared for the release of the US Federal Reserve’s federal open market committee minutes on Wednesday.Investors are expected to watch central bank comments closely in the coming sessions for any insights into the effect of a strengthening dollar on emerging markets and the course of inte...
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