JSE likely to stumble on Friday
Namibian investment group Trustco, whose share price has swung between R6 and R13 recently, is scheduled to release its interim results
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%.
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.