SA stocks rally to record as Tencent surge boosts Naspers

News24
26 Jan 2021, 15:42 GMT+10

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.

READ | Woolworths Food standout performer as fashion struggles exacerbated by Covid-19 pandemic

Asian stocks and US and European equity futures rose Monday as investors focused on the prospect of additional fiscal stimulus and supportive Federal Reserve policy amid the worsening pandemic.

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.

• Foschini Group [JSE:TFG] +1.4%, Truworths International [JSE:TRU] +0.5%, Cashbuild [JSE:CSB] +1.1%, Massmart Holdings [MSM] +0.4%

Food and drug retailers rise 1.1%

• Shoprite Holdings [JSE:SHP] +2%, Spar Group [JSE:SPP] +1.6%, Pick n Pay [JSE:PIK] +2.2%, Bid Corp [JSE:BID]. +0.4%, Clicks Group [JSE:CLS] Ltd. +0.4%, Dis-Chem Pharmacies [JSE:DCP] +2.6%

Source: News24

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