Flash Briefing: Massmart CEO leaving; Naspers drags JSE lower; Trump hits shares; Group 5 asset sales

Shares worldwide took a hit yesterday after an unexpected intensification in trade tensions between the US and China. The global softening of share prices had an impact in South Africa where dominant stock Naspers lost 3.5%, mirroring a 3% drop in the price of its major asset, Hong Kong-listed Tencent Holdings. In the wake of a 45% slump in the Massmart share price over the past year, chief executive Guy Hayward yesterday announced he would be leaving the company before the end of 2019. Troubled construction company Group Five, once a leading South African conglomerate, is preparing to sell its three biggest subsidiaries in an attempt to stave off liquidation.