JSE weaker, but may still end the week on a positive note
A 3% fall by Tencent was partially offset by a 1% fall in the rand on Friday morning, with the JSE lower in broad-based losses, but set to close the week stronger.
Asian markets fell after disappointing Chinese data that showed that industrial production grew 5.4% year on year in November, less than the expected 5.9%.
At 9.45am Naspers was down 0.65% to R2,801.65.
The all share was off 0.73% to 51,364.1 points and the top 40 0.78%. Banks had lost 1.52%, financials 1.01%, industrials 0.78% and general retailers 0.77%.
Uncertainty persists about Brexit, with UK Prime Minister Theresa May apparently struggling to put forward what concessions are needed from the EU to placate rebellious British legislators.
“Our UK friends need to say what they want, instead of asking us to say what we want,” European Commission president Jean-Claude Juncker said, according to Dow Jones Newswires. “Because this debate is sometimes nebulous and imprecise, and I would like clarification.”
“We’ve seen a decent bounce in equity markets in what has been another quite extraordinary week — I’m thinking primarily of the UK, of course — and yet despite this, it’s hard to find many people that are actually bullish near term, which makes me think this particular sell-off has not yet run its course,” said Oanda analyst Craig Erlam.
The JSE remains about 0.75% up for the week, bolstered by positive news from the US-China trade negotiations.
Diversified miner Glencore fell 1.64% to R52.27.
Mr Price was down 1% to R237.02 and Woolworths 1.21% to R54.68.
Vodacom lost 2.2% to R121.75.
Gold was down 0.335 to $1,237.70/oz, and platinum 0.51% to $792.29. Brent crude was 0.96% lower at $61.03 a barrel.