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Stocks rise as WeChat assurance lifts Naspers, Prosus

Foreigners remained net sellers of South African stocks for a 10th day on Friday.
Image: Waldo Swiegers/Bloomberg

South Africa’s main stock index advances for a second day, rising 1.3% by 9:46 a.m. in Johannesburg, as improved risk appetite among investors spurs gains for 104 of the 150 listed companies.

Naspers contributed the most to the rising benchmark index, climbing 2.5% to the highest in more than a week after assurances from White House officials that a ban on WeChat won’t be as broad as feared boosted the app’s owner Tencent in Hong Kong. Naspers subsidiary, Prosus NV, which holds the company’s 31% stake in Tencent, gained 2.8%.

European and Asia markets were stronger on Monday amid signs of progress in coronavirus treatments, evidence of easing US-China tensions, and with investors also looking ahead to a policy speech by Federal Reserve Chair Jerome Powell later in the week.

“All eyes are on the annual Jackson Hole symposium this week as markets continue to seek guidance on US monetary policy as the US economy remains strained,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in an emailed note.

  • Luxury retailer Richemont rises 0.5%
  • Diversified miners BHP Group Plc and Anglo American Plc drive gauge for mining companies up 1%
    • BHP +0.9%, Anglo American +1.1%, Impala Platinum Holdings Ltd. +2.8%, Anglo American Platinum Ltd. +2.9%, Sibanye Stillwater Ltd. +2.2%, Gold Fields Ltd. +0.8%, Northam Platinum Ltd. +2.6%, AngloGold Ashanti Ltd. +0.7%, Exxaro Resources Ltd. +1.7%
  • Aspen Pharmacare Holdings Ltd. +3.6% as company says it is in talks regarding part of its European commercial business
  • Foreigners remained net sellers of South African stocks for a 10th day on Friday, disposing of R1.08b worth of shares, according to bourse operator JSE Ltd.

© 2020 Bloomberg

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