S. Africa Stocks Are Volatile on U.S. Election; Naspers Rebounds
(Bloomberg) -- 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.
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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