MARKET WRAP: JSE slips in risk-off trade as Naspers leads losses

Despite pressure on the local market, a recovering oil price and news that the Chinese would proceed with trade talks this week helped support local retailers and some miners.

The all share fell 1.05% to 58,712.8 points and the top 40 lost 1.31%. Industrials fell 1.54% and banks 1.48%. Platinums added 1.31% and property stocks 0.97%. At the same time the Dow was down 1.01% to 26,234.52 points, while in Europe, the CAC 40 had lost 1.43% and the DAX 30 1.41%. Domestic markets had priced in much of the bad news, but the election may not provide clear answers, said Old Mutual Investment’s stable growth fund manager John Orford. While it may give some indication as to Ramaphosa’s support, it is less likely to give a clear idea of the balance of power between Ramaphosa and the populist faction within the ANC, he said.

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