South African Stocks Steady as Naspers Gains Offset Weak Banks
South Africa’s main stock benchmark was little changed in early trading as weakness in banks was offset by gains for index giant Naspers Ltd.
The FTSE/JSE Africa All Shares Index was up 0.1% at 10:11 a.m. in Johannesburg, but has fallen 0.7% in the past seven days, heading for its first weekly loss of November.
- Index for bank stocks retreats for a second day, down 1% as the rand weakens
- Capitec Bank Holdings Ltd. -1.7%, Standard Bank Group Ltd. -1.4%, FirstRand Ltd. -0.9%, Nedbank Group Ltd. -0.8%
- BHP Group Plc and Anglo American Plc pull the index for mining stocks down 0.1%
- BHP -0.5%, Anglo American -0.3%
- Tiger Brands Ltd. falls for a third day, down 3.4% to the lowest in more than two weeks after publishing full-year earnings
- Naspers gains 1.9% to provide the biggest boost to the benchmark as partly owned Tencent Holdings Ltd. recovers in Hong Kong; Naspers holds a 31% stake in the tech giant, through its subsidiary Prosus NV, which is up 1.4%
- Foreigners were net sellers of South African stocks for a fourth day Thursday, disposing of 156 million rand worth of shares, according to exchange operator JSE Ltd.
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