Tencent’s 4% drop augurs badly for the JSE
The rand reacted badly to the US Fed’s interest rate statement, while Richemont and Telkom are expected to release results on Friday
A 4.2% drop to HK$281.40 of Naspers’s main asset, Tencent, on Friday morning augurs badly for the JSE. Tencent dragged Hong Kong’s Hang Seng index down 2.4%. Sydney’s ASX 200 index was down 0.4%, with the JSE top 40’s second largest share, BHP, falling 0.5% to A$33.16 ahead of the JSE’s opening. The rand reacted badly to the US Federal Reserve Bank’s interest rate announcement on Thursday, weakening from about R14/$ ahead of the statement released at 7pm South African time to trade at R14.16/$ at 6.30am on Friday morning. Although the US central bank held the ceiling of its target range at 2.25% on Thursday evening, as expected, it signalled it will raise its interest rate by a further 25 basis points to take the upper limit to 2.5% in December.
The rand was trading at R16.06/€ and R18.47/£. JSE-listed companies diaries to release results on Friday include Richemont and Telkom. Ahead of its interim results for the six months to end-September, Richemont released a sales report ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.