JSE slips on shock Chinese data, led by Naspers
Disappointing Chinese economic data weighs on sentiment, although gold miners manage to edge higher on a weaker rand and higher metal price
A surprise contraction in Chinese exports in December weighed on global equity markets on Monday morning, with the JSE reacting to the news with broad-based losses. Chinese exports slumped 4.4% in December, well below market expectations of 3% growth, with Asian markets posting sharp losses and oil slipping below $60/$ for the first time in five days. At 9.50am Naspers had slumped 3.41% to R2,883, tracking a similar loss in its Hong Kong listed associate Tencent. The all share fell 1.06% to 53,085.1 points and the top 40 was down 1.35%. Industrials lost 1.49%, banks 1.03% and financials 0.82%. Brent crude was 1.34% lower at $59.78 a barrel. Platinum was down 0.86% at $803.27/oz while gold firmed 0.42% to $1,292.62/oz. Local market focus this week will be on the Reserve Bank interest rate decision on Thursday, although no change to the repo rate is expected. Brexit is also on the agenda, with a crucial vote expected to take place on Tuesday in the UK parliament. UK Prime Minister The...
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