Tencent Music IPO may cheer JSE
Inflation is expected to have remained flat in November while retail sales are expected to have picked up in October
Brexit jitters saw the rand back under R18/£ on Wednesday morning, but it remained well over R14/$ and R16/€. The pound’s woes following the UK’s decision to leave the EU is illustrated by the rand strengthening from over R24/£ before the referendum in 2016 to about R15.50/£ in its aftermath.
The “Ramaphoria rally”, which started in late November 2017 saw the rand flirt with R16/£ in the first quarter of 2018 before weakening to nearly R20/£ in September. The rand was trading at R14.28/$, R16.18/€ and R17.87/£ at 7am on Wednesday. Asian markets pointed to a second day of gains for the JSE following Tuesday’s 1.5% rise. Tencent was up 1.41% to HK$315.60 in Hong Kong, indicating its 31%-owner Naspers will add to Tuesday’s 3.68% rebound to R2,851.11. Tencent’s subsidiary, Tencent Music, starts trading as a separately listed company on the New York Stock Exchange on Wednesday. Tencent said it raised nearly $1.1bn by selling shares ahead of the initial public offering (IPO) at $13 ...
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