JSE remains under pressure as investors avoid risk assets
The all share is on track for its worst weekly loss this year, as pressure on Nasper's associate Tencent continues, and after the Dow falls 3%
The all share was down almost 2% on Thursday morning, on track for its worst weekly loss in more than a year as Naspers’s slump continued and risk-off trade on global markets took hold. The market heavyweight is tracking losses by Hong Kong-listed associate Tencent, which has come under pressure from investor fears that Chinese regulators are crippling its long-term growth prospects. Tencent has started buying back shares, but since it started doing this on September 7, its share price has lost 9.6%%, more than triple the losses on the Hong Kong Hang Seng, Dow Jones Newswires reported. At 9.30am on Thursday Naspers was down 2.52% to R2,590.11. The all share lost 1.85% to 51,836.2 points and the top 40 1.98%. Banks were down 1.99%, general retailers 1.89% and industrials 1.78%. Should losses on the all share continue this week, it will be on track for a 5% weekly loss for the first time since January 2016.
Global markets are also under pressure, with focus remaining on the US. ...
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