JSE falls as Naspers loses 3% and banks shrug off stronger rand
Market focus is on local manufacturing data expected later on Tuesday
The JSE opened lower on Tuesday as Naspers tumbled 3% as a result of unsettled Asian markets. Banks showed little reaction to the firmer rand. Risk-off sentiment remains firmly in place amid lingering fears of an escalated trade war between China and the US. Naspers was lower on renewed weakness from Chinese internet company Tencent in Hong Kong, slipping 1.5%. Tencent, of which Naspers owns 31.2%, continues to lose ground as the Chinese authorities clamp down on gaming in the country. The rand was at R15.06 to the dollar from R15.20 after the euro firmed to $1.1630 on a probable Brexit deal, and as the market positioned itself for more positive local economic data. Miners and gold stocks were lower on the rand. Brent crude rose 0.71% to $77.9 a barrel as a giant hurricane approached the US east coast. That would be likely to disrupt supplies and drive up fuel prices. The Dow closed 0.23% lower on Monday. The Hang Seng was 0.47% down on Tuesday.
"Traders seemed reluctant to ta...