JSE opens lower as growth concerns spook market
However, with growth in the US at 4%, that country remains an attractive alternative to a lower GDP performer in emerging markets, which could hit China particularly hard.
The Dow closed 0.73% up on Monday, basking in the aftermath of the trade agreement reached between the US and Canada. The Hang Seng retreated 2.45% with Tencent losing more than 2% on Tuesday.
This had an immediate effect on Naspers, which owns a third of Tencent, with the local heavyweight tumbling to below R3,000 a share, before recovering marginally.
It was last 2.13% lower at R3,001.93.
The banking index weakened as the rand lost ground to R14.35 to the dollar after earlier seemingly set to break through the R14 level.
Property stocks were in turmoil, with the index slipping to just above 500 points, a level last seen in April 2014, following the shock announcement that Hyprop CEO Pieter Prinsloo had resigned.
Hyprop said Prinsloo and his family were emigrating. At the same time MAS Real Estate announced that Morne Wilken, its CEO, would relocate back to SA to become CEO of Hyprop.
Hyprop was down 1.95% to R90.04. MAS lost 1.4% to R22.51.
Sasol benefited from the higher oil prices, rising 1.21% to R557.18.
In the gold sector, Sibanye-Stillwater rocketed 7.3% to R9.56.
FirstRand retreated 1.94% to R65.21 and Standard Bank 1.71% to R171.52.
Among financials MMI Holdings dropped 2.29% to R17.04.
Netcare dropped 2.9% to R23.11 after earlier warning the market of a more subdued performance for the year to end-September.
Source: businesslive.co.za
