JSE opens lower as Naspers retreats further
The weaker rand is failing to support rand hedges but global miners are up as the oil price keeps rising
The JSE all share opened weaker on Thursday as banks and retailers fell on the weaker rand, with Naspers hitting a five-month low. The local bourse is trading close to annual lows as global risk-off sentiment continues to hammer emerging markets. At 9.48am the all share was 1.07% lower at 54,580.30 points and the top 40 lost 1.17%. General retailers dropped 2.82%, food and drug retailers 2.55%, banks 2.48%, financials 1.89%, industrials 1.69% and property 1.33%. Resources added 0.94%. Naspers was on the back foot after Chinese internet company Tencent fell to a 12-month low in Hong Kong trade. Naspers, which owns about a third of Tencent, extended losses for the year so far to 15.7% and was 1.93% lower at R2,912.58. US markets ended Wednesday on a buoyant note, with the Dow closing up 0.2% at a record high following the release of upbeat jobless claims data. Chinese markets were lower, with the Hang Seng losing 1.84% and the Nikkei 0.56% on Thursday. JP Morgan dropped its rating on ...
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