JSE starts week on a negative note as Naspers plunges
The internet and media company is tracking losses in its associate, Tencent, while a slightly firmer rand has failed to lift banks and retailers
The JSE opened more than 1% lower on Monday morning, putting it potentially on track for a fourth consecutive week of losses, as market heavyweight Naspers fell sharply. Naspers fell 4.92% to R2,765, tracking losses in Hong Kong associate Tencent, which has lost about $250bn in market capitalisation from its January share price high. Tencent, along with other Chinese tech giants, has come under sustained pressure in recent weeks as investors increasingly question the future of the global technology supply chain, given the US-China trade war, reported Dow Jones Newswires. Locally, ratings agency Moody’s opted not to release its expected credit-rating review of SA on Friday, with analysts saying the agency may now wait for the medium-term budget policy statement. The local market is expected to continue to take its cue from global events, although investors should become increasingly sensitive to local factors as the medium-term budget draws near, said Sasfin Securities fixed-income t...
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