S. African Stocks Rise as WeChat Assurance Lifts Naspers, Prosus

(Bloomberg) —

South Africa’s main stock index advances for a second day, rising 1.3% by 9:46 a.m. in Johannesburg, as improved risk appetite among investors spurs gains for 104 of the 150 listed companies.

Naspers Ltd. contributed the most to the rising benchmark index, climbing 2.5% to the highest in more than a week after assurances from White House officials that a ban on WeChat won’t be as broad as feared boosted the app’s owner Tencent Holdings Ltd in Hong Kong. Naspers subsidiary, Prosus NV, which holds the company’s 31% stake in Tencent, gained 2.8%.

NOTE: Tencent Gains $26 Billion After U.S. Reassures on WeChat Ban

European and Asia markets were stronger on Monday amid signs of progress in coronavirus treatments, evidence of easing U.S.-China tensions, and with investors also looking ahead to a policy speech by Federal Reserve Chair Jerome Powell later in the week.

“All eyes are on the annual Jackson Hole symposium this week as markets continue to seek guidance on U.S. monetary policy as the U.S. economy remains strained,” Bianca Botes, executive director at Peregrine Treasury Solutions, said in an emailed note.

Luxury retailer Richemont rises 0.5%Diversified miners BHP Group Plc and Anglo American Plc drive gauge for mining companies up 1%BHP +0.9%, Anglo American +1.1%, Impala Platinum Holdings Ltd. +2.8%, Anglo American Platinum Ltd. +2.9%, Sibanye Stillwater Ltd. +2.2%, Gold Fields Ltd. +0.8%, Northam Platinum Ltd. +2.6%, AngloGold Ashanti Ltd. +0.7%, Exxaro Resources Ltd. +1.7%Aspen Pharmacare Holdings Ltd. +3.6% as company says it is in talks regarging part of its European commercial businessNOTE: Aspen in Talks Regarding Part of European Commercial BusinessForeigners remained net sellers of South African stocks for a 10th day on Friday, disposing of 1.08b rand worth of shares, according to bourse operator JSE Ltd.


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