MARKET WRAP: JSE firms despite worst day for property in eight months
A Viceroy Research reports sent Nepi Rockcastle tumbling, while Naspers benefited from a bit of optimism over the US-China trade war
The JSE gained more than 1% on Wednesday, after a strong performance from Naspers and banks, even as risk events loomed. Property stocks were under pressure after Nepi Rockcastle plunged 14.07% to R99.14. This followed the publication of a report by short-selling firm Viceroy Research, which alleged the stock was overvalued, and that its earnings were substantially lower than reported. Local news was downbeat, but a stable rand offered support to banks and some retailers. The all share rose 1.05% to 51,895.1 points and the top 40 1.27%. Industrials gained 1.69% and banks 1.14%. Property stocks tumbled 2.83%, their worst one-day performance since March. Globally, comments from White House officials that were somewhat optimistic that progress could be made between the US and China during talks at the weekend, bolstered risk sentiment a little, although investors remain cautious. US Federal Reserve chair Jerome Powell is set to give a speech at 7pm local time, while producer inflation ...
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