MARKET WRAP: JSE flat after tug of war between industrials and miners
The rand tested R15/$ in intraday trade as risk-off global sentiment persisted
The JSE was little changed on Monday, with its global peers mixed as China’s widening tech sector crackdown weighed on risk sentiment. Miners gained the most on the day, while Naspers dragged the local bourse lower.
Tencent, which influences the JSE via the Naspers stable, fell as much as 9.3% in intraday trade on the Hang Seng, before closing 7.72% weaker at HK$490 after Chinese competition authorities ordered the company to stop the practice of exclusive music licensing rights. It was also given a small fine, similar to those imposed on other tech firms guilty of the same offence...