South African Stocks Slide as China Tech Probe Weighs on Naspers

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South Africa’s main equities index declined, led by Naspers Ltd. and its Prosus NV unit after Hong Kong-listed Tencent Holdings Ltd. slumped amid a widening Chinese antitrust probe of the technology sector. With a stake of about 31%, Prosus is Tencent’s largest shareholder.

The benchmark FTSE/JSE Africa All Share Index fell 0.8% to 58,721 at 10:25 a.m. in Johannesburg, with cyclical sectors including oil, automotive and travel and leisure down the most. Without the decline in Naspers, which accounts for 17% of the index, the benchmark would be up.

South African Stocks Slide as China Tech Probe Weighs on Naspers

The country’s gauge remains up 2.8% for the year and Naspers remains up 24%. The South African rand was down 0.4%.

The session’s worst performers were power generator Montauk Holdings Ltd., down 8.2%, and miner Royal Bafokeng Platinum Ltd., down 6.5%. Infrastructure builder Raubex Group Ltd. gained 3.5%.

©2020 Bloomberg L.P.

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