MARKET WRAP: JSE slips slightly, with Sasol diving 6%
Global markets were generally lower in risk-off trade, but Naspers rebounded 4% after Tencent's third-quarter results beat forecasts
The JSE edged lower on Wednesday, extending its losing streak to a fifth consecutive session, despite a strong performance by market heavyweight Naspers. Naspers gained 4.25% to R2,710.41, after Tencent reported better-than-expected earnings in the third quarter. Losses on the local bourse were broad-based, however, with retailers and banks lower despite a stronger rand, and easing oil price. The all share lost 0.21% to 51,999.5 points and the top 40 fell 0.06%. Platinums lost 3.16%, resources 2.35% and banks 0.97%. Industrials gained 1.19%. Brent crude has fallen to $65 a barrel, but analysts cautioned that this was also depressing global liquidity, and providing some support for the dollar. Despite a rebound on Wednesday, the lower oil price weighed on diversified miners and Sasol, with the latter plunging 6.13% to R437.50. Local news was also downbeat, with retail sales growing 0.7% in October on an annualised basis, well below the 2.25% growth forecast by economists. It was diff...
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