South Africa Stocks Fluctuate as Miners Counter Naspers Strength
(Bloomberg) -- South Africa’s main stock index is little changed as of 10:20 a.m. in Johannesburg, swinging between gains of as much as 0.5% and a drop of the same magnitude as heavyweight global luxury retailer Richemont and mining giant Anglo American Plc weigh on the market, countering a rising Naspers Ltd.
An index of mining stocks retreated 0.6% amid signs that tightness in the global iron ore market is easing. Anglo American fell 0.7%, while Exxaro Resources Ltd. dropped 1.7%. Richemont caused the biggest drag on the key stocks gauge, slumping 0.9%.
The South African benchmark is down 1.8% this year, lagging behind its emerging-market peers, which have erased their 2020 losses.
The rand gained for a seventh day as the inflation rate rose more than expected, moving back in to the central bank’s target range.
- Naspers, with a 19% weighting on the index, rises for a fourth consecutive session, up 0.6% to a two-week high and providing biggest support to the overall market, as partly owned Tencent Holdings Ltd. advances in Hong Kong.
- Naspers subsidiary Prosus NV, which holds the company’s 31% stake in Tencent, rises 1.3%.
- Bid Corp Ltd. soars 6.1%, biggest intraday jump since June 17, after full-year earnings statement.
- Foreigners turn net buyers of South African stocks for the first time in 11 days Tuesday, purchasing 523m rand worth of shares, according to bourse operator JSE Ltd.
- S. Africa Business Closures Could Rise as Economy Reopens: Chart
©2020 Bloomberg L.P.