Stocks set for worst week since May after tech rout

South Africa’s main stock index was little changed as of 10:05 a.m. in Johannesburg as a rebound in banks and resurgent gold miners countered weakness in local market giant Naspers following the global rout in tech shares. The benchmark index remains on course for its worst week since May after falling 2.7% since Monday.

Concerns over lofty tech valuations dragged China’s Tencent Holdings down for a second day in Hong Kong; pulling Naspers, which holds a 31% stake in Tencent through its Prosus NV unit, down 1.7% to a two-week low. Prosus fell 0.6%. Luxury retailer Richemont retreated 0.7% to be the second-biggest decliner by index points.

Index of gold stocks snapped three days of losses, climbing 1.1% as gold rose and the dollar steadied ahead of the release of the key monthly US jobs report Friday.

  • AngloGold Ashanti +2.2%, Gold Fields +1.9%

Index of bank stocks climbs for the first day in three, rising 2.7%.

  • FirstRand +2.1%, Standard Bank Group +2.1%, Absa Group +3.7%, Nedbank Group +1.9%, Capitec Bank Holdings +0.2%, Investec +0.4%
  • Foreigners remained net sellers of South African stocks Thursday, disposing of R190 million worth of shares, according to bourse operator JSE.
© 2020 Bloomberg