The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
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Chinese technology shares advanced on Monday as the sector’s outlook improved further following regulator comments that a years-long crackdown is ending.
That may, however, be the high-water mark as a deepening slump in the technology industry reduces the funding pool.
The dismal profit estimate by the world’s largest memory chip, smartphone and TV maker sets a weak tone for other technology firms’ quarterly results.
Tencent’s performance reflects optimism that China’s economic growth can find its way back to where it was before lockdowns.
Investors are no longer turning a blind eye to risks facing Apple, an about-face that threatens more pain for the stock.
A steady slide in Apple shares pushed the iPhone maker’s market value below $2-trillion, the latest casualty in the tech stock rout.
The move reinforces hopes that Beijing is easing a crackdown on the world’s largest mobile gaming arena.
Tesla CEO Elon Musk told employees that they should not be “bothered by stock market craziness” after the company’s shares fell nearly 70% this year.
Apple shares touched their lowest level since June 2021 on Tuesday amid an ongoing selloff of big tech stocks.