Pressure on JSE continues, but gold miners shine
Global market sentiment spurs investors to pile into safe-haven assets as Naspers’s fall is bad news for local bourse
The JSE started the week on a negative note on Monday, with pressure on market heavyweight Naspers potentially putting the local bourse on track for its fourth consecutive weekly loss. Global market sentiment has become strongly risk off, with a series of political issues, including strained US-China relations, prompting investors to pile into safe-haven assets. This has benefited local gold miners, which gained 8.47% on Monday, extending a 10.59% jump last week. International markets last week suffered from a correction, which analysts said was overdue after a strong performance in 2018 by US markets. Global tech stocks were sold off heavily as a result. Naspers slumped 5.43%% to R2,750.18, 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 tec...
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