MARKET WRAP: JSE starts week flat as Naspers loses ground for third straight session
The JSE closed flat on Monday as miners made a comeback on higher oil prices, while the rand looked set to weaken to R15 to the dollar.Volumes on the JSE amounted to R13.2bn, while a normal trading day sees an average of R24bn.Naspers was the major drag on the market, closing lower for the third successive session, on concerns that a clampdown by the Chinese government will hit its associate Tencent hard. Naspers owns about 31% of the internet and gaming group.Platinums were sharply higher despite a flat metal price. BHP and Anglo American gained on the day, while Sasol was lower on profit-taking. Selective investments among retailers drove the index higher.Rand hedges recovered in the late afternoon after falling during the morning.Volumes were light as US exchanges were closed for a public holiday. European markets were mixed with the FTSE 100 up 1.06%, on the weaker pound, but the DAX 30 lost 0.21%.Inflows into US assets have hurt emerging markets that are highly dependent on the...
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