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SA stocks steady as Naspers gains

Offset weak banks.
Image: Bloomberg

South Africa’s main stock benchmark was little changed in early trading as weakness in banks was offset by gains for index giant Naspers.

The FTSE/JSE Africa All Shares Index was up 0.1% at 10:11 a.m. in Johannesburg, but has fallen 0.7% in the past seven days, heading for its first weekly loss of November.

  • Index for bank stocks retreats for a second day, down 1% as the rand weakens.
    • Capitec -1.7%, Standard Bank -1.4%, FirstRand -0.9%, Nedbank -0.8%.
  • BHP and Anglo American pull the index for mining stocks down 0.1%.
    • BHP -0.5%, Anglo American -0.3%.
  • Tiger Brands falls for a third day, down 3.4% to the lowest in more than two weeks after publishing full-year earnings.
  • Naspers gains 1.9% to provide the biggest boost to the benchmark as partly owned Tencent recovers in Hong Kong; Naspers holds a 31% stake in the tech giant, through its subsidiary Prosus NV, which is up 1.4%.
  • Foreigners were net sellers of South African stocks for a fourth day Thursday, disposing of R156 million worth of shares, according to exchange operator JSE Ltd.
© 2020 Bloomberg

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