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Bloomberg
South Africa’s main stock index advances for a second day, rising 1.3% by 9:46 am 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%.
European and Asia markets were stronger amid signs of progress in coronavirus treatments, evidence of easing US-China tensions, and with investors also looking ahead to a policy speech by Fed 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 US monetary policy as the US economy
remains strained,†Bianca Botes,
executive director at Peregrine Treasury Solutions, said.