{"id":423838,"date":"2020-08-07T11:25:08","date_gmt":"2020-08-07T09:25:08","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=423838"},"modified":"2020-08-07T11:25:08","modified_gmt":"2020-08-07T09:25:08","slug":"south-african-stocks-plunge-as-trumps-tencent-hit-knocks-naspers-and-prosus","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/technology\/423838\/south-african-stocks-plunge-as-trumps-tencent-hit-knocks-naspers-and-prosus\/","title":{"rendered":"South African stocks plunge as Trump&#8217;s Tencent hit knocks Naspers and Prosus"},"content":{"rendered":"<p>South Africa\u2019s main stock index halts a four-day rally, falls 1.3% by 09h15 in Johannesburg, as index heavyweight Naspers Ltd. drops 4.4% after US.<\/p>\n<p>President Donald Trump signed a pair of executive orders prohibiting US residents from doing business with the Chinese-owned TikTok and WeChat apps beginning 45 days from now, citing the national security risk of leaving Americans\u2019 personal data exposed.<\/p>\n<p>Naspers holds a 31% stake in WeChat\u2019s owner, Tencent Holdings Ltd, which plunged as much as 10% in Hong Kong. Naspers subsidiary Prosus NV, which holds the company\u2019s stake in Tencent, retreated 5.4%.<\/p>\n<p>\u201cThis directly impacts Naspers and Prosus via Tencent and similarly will dampen sentiment on tech,\u201d says Casparus Treurnicht, a fund manager at Gryphon Asset Management in Cape Town.<\/p>\n<p>As Naspers and Prosus make up more than 20% of the benchmark index, \u201cone should be worried.\u201d<\/p>\n<p>The fresh U.S.-China turmoil threatens to derail this week\u2019s rally in global shares. Better-than-forecast earnings and optimism on a coronavirus vaccine had helped lift a gauge of world equities to little changed for the year. Friday weakness trims the FTSE\/JSE Africa all share\u2019s weekly gains to 2.2%, still set for a second consecutive week of advances.<\/p>\n<ul>\n<li>Gold and platinum stocks lead the gauge for mining firms lower for the second day, down 0.6%;<\/li>\n<\/ul>\n<ul>\n<li>AngloGold Ashanti Ltd. -2.5% after the company\u2019s first-half profit more than tripled as it reaped a windfall from this year\u2019s surge in gold prices;<\/li>\n<\/ul>\n<ul>\n<li>NOTE: AngloGold Profit More Than Triples on Price Rally, Output Slips;<\/li>\n<\/ul>\n<ul>\n<li>Gold Fields Ltd -2.5%, Sibanye Stillwater Ltd. -1.4%, Impala Platinum Holdings Ltd. -1%, Anglo American Plc -0.3%, Anglo American platinum Ltd. -0.8%, Northam Platinum Ltd. -1.1%;<\/li>\n<\/ul>\n<ul>\n<li>Richemont falls 0.5% after vote on conditional share capital increase. British American Tobacco Plc -1%;<\/li>\n<\/ul>\n<ul>\n<li>Foreigners turn net buyers of South African stocks Thursday, purchasing 69m rand worth of shares, according to index operator JSE Ltd.<\/li>\n<\/ul>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/mobile\/423674\/tencent-loses-45-billion-after-trumps-wechat-ban\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tencent loses $45 billion after Trump\u2019s WeChat ban<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa\u2019s main stock index halts a four-day rally, falls 1.3% by 9:15am in Johannesburg, as index heavyweight Naspers Ltd. drops 4.4% after US.<\/p>\n","protected":false},"author":59,"featured_media":402355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9878],"tags":[26],"class_list":["post-423838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/423838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=423838"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/423838\/revisions"}],"predecessor-version":[{"id":423846,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/423838\/revisions\/423846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/402355"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=423838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=423838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=423838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}