JSE bounces back on retailers and banks
Naspers is an early leader as analysts say market heavyweight offers 'value' after Tencent jumps 7% in Hong Kong trade on upbeat Chinese data
The JSE all share rose at the opening on Friday as Asian markets gained from oversold levels, despite another sharp retraction on Wall Street. The Dow closed 2.13% lower on Thursday, but the Hang Seng rose 2% in Hong Kong trade with Chinese internet company Tencent jumping more than 7% as it continued with its share repurchase programme, buying back shares for a 22nd straight session. Naspers, which owns a third of Tencent, rose in response, gaining 2.61% to R2,751.22 in early-morning trade after closing higher on Thursday for the first time in eight sessions. Asian markets were supported by upbeat economic data from China with indications that China is weathering the trade spat with the US better than predicted. The trade balance in September came in at $31.7bn from an expected $19.2bn. Exports rose strongly by an annual 14.5% from an expected 8.2%, and imports have done well coming at in at 14.3% growth versus 15.3% expected. The two countries’ trade gap hit a fresh high, Dow Jone...
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