Weak Naspers drives JSE lower


A man walks past the Johannesburg Stock Exchange building in Sandton.

A man walks past the Johannesburg Stock Exchange building in Sandton.

JOHANNESBURG - The JSE started the last trading day of November on a negative note‚ slipping below 60‚000 as industrials retreated on Naspers‚ which followed a sell-off in global technology stocks.

Naspers was 2.91% lower at R3‚697.99 in early morning trade‚ the lowest level in more than a month.

The Dow gained 0.44% to a record 23‚940.68 points on Wednesday as the US economy expanded 3.3% in the third quarter‚ its quickest pace since 2014.

Despite this‚ technology shares were under pressure amid speculation that the tech sector would be negatively affected by the planned US tax reforms.

Chinese markets were weaker‚ with the Hang Seng down 1.29% as Chinese internet company Tencent lost nearly 3% in Hong Kong trade.

READ: Steady rand consolidates its gains

Naspers‚ which owns about a third of Tencent‚ reported interim results on Wednesday‚ which was slightly disappointing as it missed higher earnings growth projections. Nevertheless‚ Naspers closed in positive territory as the company said it would continue with its e-commerce development spend.

But the share has now retreated measurably from its high of R4‚142.99 on November 21 and is down 1% for the week so far‚ after having lost 2.18% last week. It is still up 85% in 2017.

READ: Big spender Naspers is worth less than the sum of its parts

Miners were generally lower‚ after the rand recovered to the best levels from the previous session‚ hitting R13.631 soon after the JSE’s opening.

Gold was flat at $1‚283.89/oz as the euro clawed back some gains against the dollar to around $1.1872.

Property stocks were among the top performers at the opening. The property index has been lagging the all share so far in 2017‚ having risen 5.7% compared with the all share’s 18.52%.

At 9.30am the all share was 0.72% lower at 59‚980.80 points and the blue-chip top 40 dropped 0.84%. The platinum index shed 1.91%‚ industrials 1.15% and resources 0.7%. Property rose 0.47%‚ banks 0.4%‚ gold 0.38% and food and drug retailers 0.29%.

BHP shed 0.91% to R247.99 and Anglo American 0.72% to R253.40.

British American Tobacco lost 1.31% to R885.83 and Richemont 1.02% to R116.99.

FirstRand rose 0.4% to R57.26. The group announced that Laurie Dippenaar would retire as board chairman and director at the end of March 2018. He will be succeeded by Roger Jardine.

Steinhoff gained 1.59% to R57.40 but Mr Price dropped 1.23% to R210.34.

Hyprop climbed 1.32% to R107.80.

MTN rose 0.88% to R129.45.

Famous Brands shed 1.95% to R95.02.