JSE recovers early losses in volatile trade
The JSE ended a choppy trading day a little lower yesterday
The JSE ended a choppy trading day a little lower yesterday‚ as a comeback in rand hedges and Naspers provided support towards the close.
Steinhoff was a major casualty‚ pulling general retailers down.
It closed 9.85% lower at R3.02 amid reports its European property portfolio might be worth only half its previous valuation.
After trading 3% lower at one point‚ the JSE all-share made a remarkable comeback amid a weaker Dow opening and softer European markets.
Naspers led the losses in volume terms‚ before reversing those amid indications that China and the US may work out a compromise in trade talks.
Chinese internet group Tencent lost 2% in the morning‚ driving Naspers sharply lower. Naspers owns 31.2% of Tencent.
But a weaker rand supported rand hedges and Naspers rose 2.6% to R2 956.84 and British American Tobacco 3.16% to R705.62.
Miners remained under pressure. The JSE all-share lost 0.48% to 54 602.7 points and the Top 40 0.27%.
General retailers fell 2.66%‚ financial stocks 1.61%‚ banks 1.35%‚ and food and drug retailers 1.34%. Industrials added 0.5%.
After weakening to R11.9411 to the dollar during the day‚ the rand recovered some lost ground‚ to trade at R11.8977 towards the end of the day. – BusinessLIVE