Wall Street looks likely to beat Gwen Lane in 2018. Picture: BLOOMBERG/MICHAEL NAGLE
Wall Street looks likely to beat Gwen Lane in 2018. Picture: BLOOMBERG/MICHAEL NAGLE

The JSE’s three trading days of gains look likely to end on Friday.

Asian markets turned sour after 4am when Chinese industrial production figures for November were released, showing 5.4% annual growth versus the expected 5.9%.

Tencent erased this week’s gains by falling 2.4% to HK$311 in Hong Kong ahead of the JSE’s opening, indicating its 31%-owner Naspers will continue Thursday’s slide during which it fell 1.3% to R2,820.

In Sydney, BHP was down 1% to A$32.49.

Naspers and BHP account for a third of the JSE top 40 index.

Local blue chips represented by the Satrix top 40 exchange-traded fund (ETF) have lost 10.6% over the past year while US blue chips, represented by the Coreshares S&P 500 (ETF), have gained 4.8%.

The Satrix 40 looks to end 2018 down while the S&P 500 has made a small gain. Picture: IRESS
The Satrix 40 looks to end 2018 down while the S&P 500 has made a small gain. Picture: IRESS

Namibian investment holding company Trustco, which is dual-listed on the Johannesburg  and Windhoek stock exchanges, said on Thursday it expected to report on Monday that its basic interim earnings per share doubled and its headline earnings per share (HEPS) grew by about 50%.

Trustco, which is invested in diamond mines, is in the process of launching a bank.

Its share price is extremely volatile, swinging back and forth between R13 and R6 over the past few weeks.

Trustco is not a share for the faint hearted. Picture: IRESS
Trustco is not a share for the faint hearted. Picture: IRESS

The rand weakened during the early hours of Friday morning to trade at R14.24/$, R16.10/€ and R17.99/£.

laingr@businesslive.co.za