S. Africa Stocks Are Volatile on U.S. Election; Naspers Rebounds

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South Africa’s main stock benchmark swung between gains and losses as investors responded to the possibility that the U.S. is heading for a contested election. The benchmark index was 0.9% higher as of 10:04 a.m in Johannesburg, after falling as much as 0.8%.

An index of South African banks slid as much as 3.6% as the rand weakened against the dollar, with the too-close-to-call American vote buffeting emerging-market currencies. President Donald Trump declared he had won re-election against Joe Biden and said he would ask the Supreme Court to intervene, even as several battleground states continue to count votes.

S. Africa Stocks Are Volatile on U.S. Election; Naspers Rebounds

Naspers Ltd., with a 20% weighting on the index, rose as much as 4.7%, providing the biggest boost to the market as it rebounded from Tuesday’s 4.2% slump, which was spurred by fallout from China’s shock suspension of the Ant Group Coo. initial public offering; subsidiary Prosus NV gained 3.6%

  • A gauge of local mining stocks dropped for the first day in three, falling 1.2%, led by declines in diversified miners.
    • BHP Group Plc -0.5%, Anglo American Plc -0.8%, Gold Fields Ltd. -2.6%, Impala Platinum Holdings Ltd. -1.6%, Harmony Gold Mining Co. -2.6%, Northam Platinum Ltd. -2.1%
  • Weakness in the rand pulled bank stocks down, halting a two-day rally. Sector was 1.3% lower as of 10:54 a.m.
    • FirstRand Ltd. -2.1%, Standard Bank Group Ltd. -1%, Absa Group Ltd. -2.5%, Nedbank Group Ltd. -2.4%
  • Rand-hedge and index heavyweight Richemont extended gains for a third day, rising 3.2%

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