South African stocks fall, paring best Nov gains since 2001

Bloomberg

South Africa’s main stock benchmark index dropped for a second day, down 1.1% by 9:42 am in Johannesburg, the biggest intraday decline in more than a week, as market giant Naspers Ltd joined diversified miners and banks in pulling the main gauge lower.
Risk-off sentiment was evident in early trade, with 91 of the 141 listed companies
declining, while 37 traded higher.
Monday’s weakness trimmed the index’s advance in November to 11%, the first monthly gain since July.
The benchmark remained on track for its best month since April, and the best November since 2001.
Global equities are up 13% in November as positive vaccine news helped drive expectations that a global economic recovery can pick up in 2021, helping flows into companies with earnings more closely tied to a rebound in growth.
Naspers, with a 19% weighting in the benchmark, retreated for a second day, down 1% to the lowest in a week, causing the biggest drag on the market, as partly owned Tencent Holdings Ltd slid in Hong Kong.
Naspers subsidiary Prosus NV, which holds the company’s 31% stake in Tencent, retreated 1%.
Index of bank stocks fell for a second day, down 2.1% to the lowest intraday level in a week, as the rand weakened. Standard Bank Group Ltd fell 2.3% after publishing trading update.
FirstRand Ltd -2.2%, Absa Group Ltd -3.3%, Nedbank Group Ltd -3.3%, Capitec Bank Holdings Ltd 1.4%, Investec Plc -2.4%. Diversified miners led the broader sector’s gauge lower for a second day, with the index down 0.5%.
BHP Group Plc -1.1%, Anglo American Plc -0.6%, Impala Platinum Holding Ltd -1.1%, Northam Platinum Ltd -1.2%, African Rainbow Minerals Ltd -1.9%, Anglo American Platinum Ltd -0.4%, Exxaro Resources Ltd -1.1%, Glencore Plc -0.9%, Royal Bafokeng Platinum Ltd -0.8%.