The strong markets recovery came as the share prices of Naspers and Prosus surged sharply to recover all the losses of the last few days. By midday on Wednesday, both tech stocks rebounded some 19%. Moneyweb BusinessNews
A few hours can make a huge difference. Trading screens were red when markets closed on Tuesday, with barely a green figure in sight, but rebounded quickly on Wednesday morning with the JSE jumping just over 3% when the market opened. The strong recovery came as the share prices of Naspers and Prosus surged sharply to recover all the losses of the last few days. By midday on Wednesday, both tech stocks rebounded some 19%.
Tencent, Alibaba have erased $1trn in value over last year Naspers and Prosus the two largest firms in the main indices on the JSE. The JSE All Share Index was nearly 3.4% higher just before lunch and the industrial index 6.2% stronger. JSE Alsi share price The insurance sector’s index also increased, by more than 4%, to belatedly reflect the recent good results from insurance companies, announced during the market turmoil.
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