The Johannesburg Stock Exchange index jumped 2.1% as of 10:07 in Johannesburg, setting a fresh intraday record, as Naspers [JSE:NPN] was lifted by a surge in partly owned Chinese online giant Tencent Holdings.
Retailer Woolworths [JSE:WHL] was also among the leading gainers, soaring the most since 1998 after an upbeat trading statement.
Naspers advanced as much as 8.1%, the most in 10 months, to a new all-time high as Tencent jumped 11% in Hong Kong, the most since 2011. Naspers subsidiary, Prosus, which holds the company’s 31% stake in Tencent, climbed 7.4% to the highest level since the company was carved out of the tech investor in September 2019.
Woolworths led gains in an index of general retailers, which climbs as much as 3.2%, rising for a third day.
Food and drug retailers rise 1.1%
Gauge of mining stocks rose 0.7% as gold producers joined diversified miners to drive the index higher.
- Impala Platinum [JSE:IMP] +1.1%, Northam Platinum [JSE:NHM] +1.8%, Sibanye Stillwater +0.5%, Royal Bafokeng Platinum [JSE:RBP] +1.1%.
Index of bank stocks drops for a fourth consecutive session, falling 1.4% to the lowest intraday level since January 5, with lenders among those causing the biggest drag on the index.
• FirstRand [JSE:FSR] -1.5%, Capitec Bank [JSE:CPI] -1.8%, Standard Bank [JSE:SBK] -1%, Absa Group -1.1%, Nedbank Group [JSE:NED] -0.8%, Investec [JSE:INL] -0.5%
Old Mutual drops 1.7% after profit warning, dragging insurers down 0.8%
Foreigners remained net sellers of South African stocks for a third consecutive day Friday, disposing of R266 million worth of shares, according to exchange operator JSE.