MARKET WRAP: JSE has worst day in three months, as Naspers plunges 7%
A global tech-stock sell-off on Monday weighed on equities on Tuesday, with Naspers slumping
The JSE fell sharply on Tuesday, posting its worst daily loss since August, with local shares taking their cue from pressure on technology stocks. The global mood was soured by a 3% slump in the tech-heavy Nasdaq on Monday, prompted by concerns about the outlook for Apple's iPhone, as well as general concerns around the US-China trade war. The all share fell 2.59% to 51,067.8 points and the top 40 2.91%. Industrials gave up 3.38%, banks 2.67% and resources 1.91%. Brexit issues, and the future of UK Prime Minister Theresa May, also hover over the market. Local focus is on the ongoing commission of inquiry into state capture, although all eyes are on the SA Reserve Bank's interest-rate decision on Thursday. Consensus, according to Bloomberg, is that the Reserve Bank will raise interest rates 25 basis points, although some analysts have pointed to easing inflationary pressures and a tepid economy as a reason for the Bank's doves to win the day. Earlier, the Bank's leading business cycl...
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