The JSE opened lower on Wednesday as Naspers dragged the overall market down while banks and retailers gained on a firmer rand. Miners were early losers but retailers and banks were on the up. Naspers was 2.35% lower at R2,774 in early-morning trade, the weakest level since hitting R2,680 in intraday trade on April 5. It last closed below R2,700 in August 2017. The market heavyweight is now clearly in a pronounced bear market trend, having lost 20% so far in 2018, as its previously lucrative investment in Chinese internet company Tencent has turned sour. Tencent, of which Naspers owns about a third, has lost more than $200bn in market value over the past few months and is 40% down from its closing high in January. Naspers has halved its inflated price-to-earnings level of more than a 100 times a few months ago to a present 53, but the dividend yield remains at about 0.2%, mirroring the company's stingy dividend payments. The dividend yield usually rises when a share price falls, pot...

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