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SA stocks plunge as Tencent fall hits Naspers and Prosus

Prosus down 5.4%.
Image: Bloomberg

South Africa’s main stock index halts a four-day rally, falls 1.3% by 9:15am in Johannesburg, as index heavyweight Naspers drops 4.4% after US President Donald Trump signed a pair of executive orders prohibiting US residents from doing business with the Chinese-owned TikTok and WeChat apps beginning 45 days from now, citing the national security risk of leaving Americans’ personal data exposed.

Read: Tencent plunges after Trump’s WeChat order threatens business

Naspers holds a 31% stake in WeChat’s owner, Tencent Holdings, which plunged as much as 10% in Hong Kong. Naspers subsidiary Prosus, which holds the company’s stake in Tencent, retreated 5.4%.

“This directly impacts Naspers and Prosus via Tencent and similarly will dampen sentiment on tech,” says Casparus Treurnicht, a fund manager at Gryphon Asset Management in Cape Town. As Naspers and Prosus make up more than 20% of the benchmark index, “one should be worried.”

The fresh US-China turmoil threatens to derail this week’s rally in global shares. Better-than-forecast earnings and optimism on a coronavirus vaccine had helped lift a gauge of world equities to little changed for the year. Friday weakness trims the FTSE/JSE Africa all share’s weekly gains to 2.2%, still set for a second consecutive week of advances.

  • Gold and platinum stocks lead the gauge for mining firms lower for the second day, down 0.6%
    • AngloGold Ashanti -2.5% after the company’s first-half profit more than tripled as it reaped a windfall from this year’s surge in gold prices.
    • Gold Fields -2.5%, Sibanye Stillwater -1.4%, Impala Platinum Holdings -1%, Anglo American -0.3%, Anglo American platinum -0.8%, Northam Platinum -1.1%
  • Richemont falls 0.5% after vote on conditional share capital increase. British American Tobacco -1%
  • Foreigners turn net buyers of South African stocks Thursday, purchasing 69m rand worth of shares, according to index operator JSE
© 2020 Bloomberg



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Oh the irony….

And just a few days ago MW had a typical sour grapes article about the US Tech sector being too dominated by the top companies.

Looks what happens to our overall share market when one part (of one) company plunges….

Imagine how profitably you could trade shares if you could read Trumps’s twits but pause their release on Twitter by an hour. It would be amazingly beautiful I tel you – the greatest ever (waving little hands and smirking like a dopehead)

Ag shame, you’re playing in the Big Boy’s playpen and haven’t a clue what the winning tactics are.

The rest of us are profiting beautifully from Trump’s policies (and his tweets send you Libtards into a frenzy every time….beautiful to watch).

That was incredibly amazingly profound; greatest ever. (waving little hands and smirking like a dopehead)

What policies, that idiot genius is all over the place.

PietfromPofadder …no need to be a gormless moron ..tell us what poor policies trump enacted

…oh …yes …not perusing extended war in Syria, Iraq or war with Iran are some

So gratify us with your intellect

I hope this is Mr. Trump’s last term in office.

He looks like a salesman, he always sees a positive even in his country having the most cases of Covid-19. I suspect he was looking at the recovery percentage.

The rule of everything for America is hurting everyone and more so Africa.

I do not support the Democrats or the Republicans.

You libtard you!

…I generally see worth in your comments of past
…think for a moment all the stymied obstacles the Democrats who control the house have used to obstructed his goal to reduce government and its roll in public life

The prison reforms he pushed through in the first two years, that prevents horrendous terms for lessor offensives

Tax breaks that gave SME’s relief from the Obama years

..and do not forget that in January Trump banned all direct flights from China to mainland US …when the CCP were banning all domestic flights Wuhan from within China but not from Wuhan to Int.destinations

..there is more ….perhaps you should read more online publishes like WSJ, than just watching CNN

@ Leah Buchanan

-tax reform, with the promise to bring in more revenue. that didn’t pan out as planned. The wealthy just got wealthier.

-Rolling back environmental regulation to bring bring back jobs coals industries. Those industries are currently in the worst shape ever and more damage has been done to the environment.

-His Covid response has been horrendous. his major claim to fame is banning flights from China. woopeedo. he couldn’t even tell his people to wear a mask when pretty much the whole world has accept it as a method of preventing spread.

-trade war. nothing happened there other than everything got more expensive. No final solution.

-Human/Civil rights-Something the US should be a leader on. his rollback of the fair play and safe workplaces ACT. his redirection of funds from civil/social issues to the defense budge. there are hundreds of small things he did here that are to numerous to mention

-explain to me how the Stock exchange can be at record highs when there is a record number of unemployed US citizens. its due to his policies of pumping money into the system that protect the wealthy. His new hold on the FED which used to be independent. His hold on the judiciary system.

His misuse of social media and the constant misinformation and lying has consequences. At a time when truth matters no one will believe him. Watch this space when a vaccine comes out and Trump says its “safe”.

Dont get me wrong he has done some good things too but the bad far outnumber the good.

End of comments.





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