JSE likely to get hit by falling Apple
Naspers’s main asset Tencent was down 5% in Hong Kong ahead of the JSE’s opening, knocked by Apple’s 7% drop on Friday
The JSE looks likely to trip again on Monday, ending a three trading day winning streak. In Hong Kong, Naspers’s main asset Tencent was down 4.74% to HK$289.20, contributing to a 2.65% drop in the Hang Seng index. Asian tech stocks took their cues from Apple, which fell 6.63% to $207.48 on Friday, dragging the Nasdaq composite index down 1% and the S&P 500 index down 0.63%. In Sydney, BHP was down 1.13% to A$33.12, dragging the ASX 200 index down 0.47%. Naspers and BHP account for about a third of the JSE's top 40 index.
Redefine Property is expected to release its results for the year to end-August on Monday, and AngloGold Ashanti its September-quarter production report. Standard Bank is scheduled to release its broad economy purchasing managers’ index (PMI) for October on Monday morning, which according to Trading Economics will show a return to over the 50 point neutral level from September’s 48 points. This would contrast with Absa’s manufacturing PMI, which showed a third...
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