JSE weakens in risk-off trade, recording worst week in five months
Losses on the local bourse were kept in check by Naspers, as well as gains by banks, but a stronger dollar is weighing on miners
The JSE ended a tumultuous week by closing lower on Friday, with rand hedges and miners under the most pressure. A 2.92% gain by Naspers to R3,151.32 helped offset losses a little, tracking gains in Hong Kong-associate Tencent. The latter was coming back from a rout on Friday, after reaching a one-year low earlier in the week. The rand continued its recovery, putting pressure on mining stocks and rand hedges. The all share fell 0.11% to 57,068.5 points and the top 40 lost 0.12%. The resources index fell 2.64% and platinums 2.02%. Banks gained 1.07% and industrials 0.88%. Global focus was on the issue of a trade war, as well as US economic data. Investors are bracing for an escalation of the US-China trade conflict, amid expectations that the White House will soon impose 25% tariffs on $200bn worth of Chinese goods.
US nonfarm payrolls data earlier was stronger than expected, and although the euro weakened a little, the rand held on to its gains. US markets opened lower after t...
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