SA stocks rally to record as Tencent surge boosts Naspers

News24
26 Jan 2021, 20:12 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

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

23 ℃

Mostly Cloudy in Seletar

Business

Section

Musk moves home to Texas, after locating companies throughout state

AUSTIN, Texas: Aviation and aerospace company SpaceX is expanding its presence to align with global demand by setting up a ...

Volvo said all car purchases to be only online

GOTHENBURG, Sweden: Volvo targets to only manufacture electric cars by 2030 by significantly increasing the size of its U.S. South ...

Confident of safety measures, Apple reopens all retail stores

CUPERTINO, California: Apple announced on Monday that all 270 of its store locations in the U.S. have officially opened for ...

Zoom revenues surge in 2020 to $882.5 million as people work from home

Zoom Video Communications' fourth-quarter results trumped forecasts of moderate growth following its meteoric rise in 2020, with revenues surging 369 ...

On strength of data, Indian PM Modi takes Bharat Biotech vaccination

BENGALORE, India: The Covid vaccine manufactured by Bharat Biotech has been found to be 81 percent effective, in an analysis ...

Wall Street rescues world from stocks sell-off

NEW YORK, New York - U.S. stocks rallied on Friday following the release of positive economic data.U.S. employers added 379,000 ...

Engineering

Section