Adelaide Changole Financial stock exchange market display screen board on the street
South Africa’s main stock benchmark drops for a fourth day, falling 0.2% by 9:42 a.m. in Johannesburg, with weakness in index giant Naspers Ltd, and a downturn in miners countering a resurgence in banks and gains in heavyweight Richemont.
Naspers, with an 18% weighting on the index, falls for a second day, down 0.5% to provide the biggest drag to the index, as partly owned Tencent Holdings Ltd retreats in Hong Kong.
BHP Group Ltd. (-0.7%) leads 0.4% drop in the index for mining stocks.
Sub-index for gold companies falls for a second day, down 1.9%, as the rand price of bullion drops to the lowest since March 20.
South African Stocks Fall as Weak Miners Eclipse Rising Banks
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SA stocks drop from early 2018 high as Naspers slips
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South African Stocks Drop From Early 2018 High as Naspers Slips
John Viljoen, Bloomberg News
(Bloomberg)
South Africaâs main stock index fell 0.5% as of 9:46 a.m. in Johannesburg, retreating from the highest close since January 2018, as fresh U.S.-China tensions and protracted wrangling over a stimulus package in Washington weighed on sentiment toward riskier assets.
The benchmark gauge remains on track to advance for the third week in four after climbing beyond the 60,000 point level for the first time since August 2018 on Thursday.
The U.S. is preparing to blacklist Semiconductor Manufacturing International Corp. and dozens of other Chinese companies, Reuters reported, citing people familiar with the matter. Meanwhile, a bipartisan U.S. stimulus deal âappears to be close at hand,â Senate Majority Leader Mitch McConnell said, but will probably require work over the weekend to get through Congress.