JSE opens flat as Naspers offsets other losses
Naspers and Sasol are helping to moderate losses for most shares on Tuesday morning, as the market digests a jump in the oil price
A strong performance by Naspers and some miners helped keep the JSE flat on Tuesday morning, as a rising oil price and weaker rand put pressure on banks and retailers. Oil has risen after reports suggested the US would end waivers for countries buying from Iran, as the White House intensifies pressure on that country. Local equities were also reacting to a slight softening of the rand over the weekend, after it emerged that embattled power monopoly Eskom had received a R17bn bailout from the government. At 9.50am the all share was little changed, adding 0.07% to 59,263.9 points, while the top 40 was likewise flat. Gold miners had lost 2.89%, banks 1.22%, general retailers 1.1% and platinums 0.89%. Gold had lost 0.13% to $1,273.15/oz and platinum 0.36% to $895.75. Brent crude was 0.16% higher at $74.22 a barrel. The rand had weakened 0.32% to R14.21066/$. There are few local economic releases this week, but on Thursday, producer inflation numbers — as measured by the annual change in...
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