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MARKET WRAP: JSE slips below 56,000 points led by Naspers

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The US-China trade war pressure on both the local bourse and global equities continues, with JSE heavyweight Naspers falling more than 3%

The JSE fell sharply on Monday, weighed down by risk-off trade on global markets, with local losses once again led by market heavyweight Naspers.

Investors now fear that the trade conflict will get worse before it gets better. China is unlikely to take Google’s suspension of business with Huawei lying down, London Capital Group analyst Jasper Lawler said. This week is a busy one, with the US Federal Reserve set to release minutes from its last meeting on Wednesday. Also on Wednesday, South African inflation data for April is due, while the Reserve Bank will make its current stance on monetary policy known on Thursday.

Earlier, Eskom said its unaudited debt to end-March stood at R440bn, of which R273bn is government guaranteed.

 

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Naspers value is tied to Tencent, a Chinese company. Naspers is too big as a percentage of the JSE Top 40 for the market’s health.

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