JSE-heavyweight Naspers and its subsidiary Prosus took a 6% hit in trading on Monday, dragging the JSE’s main index down 0.24%.
Naspers (-6.07%) and Prosus (-5.96%), which owns almost 29% of Tencent, tracked losses in the Chinese internet giant after China widened its latest crackdown on the technology sector beyond Didi Global to include Full Truck Alliance and Kanzhu.
Embattled retailer Steinhoff shares also took a beating, losing almost a quarter of their value in intraday trade before clawing back some losses to close down 16.3%. Investors took flight after the Western Cape High Court on Friday declared legally void key aspects of Steinhoff’s €900m (R15bn) plan to settle about €10bn in claims it’s facing in various jurisdictions across the globe, reports Moneyweb.
Among the winners, Textainer Group gained 2.25% after the container leasing company received a consensus recommendation of Buy from analysts. Marketing Sentinel reports that shares in the Nasdaq-listed company have already gone up 70.86% during the last six months. Yet analysts are ramping up their growth forecast for fiscal 2021, predicting revenue to grow 325% this quarter and then jump 187.8% in the quarter after that. In the rating firms’ projections, revenue will increase 23.6% compared to the previous financial year.
Other winners include Sasol (+2.4%), Redefine (+4.71%), Harmony (2.80%) and Sirius (+2.89%). Among the other big losers were Italtile (-3.69%), Transcap (-3.63%) and TFG (-2.23%).
In currency markets the rand lost ground to trade around R14.25 against the US dollar at local market close after briefly flirting with the R14.30-level. With the US markets shut, there’s been minimal action in the greenback, reports TreasuryONE. The dollar is currently trading at 1.1861 against the euro. The focus is now on the release of the Fed minutes on Wednesday.
In commodities, gold and platinum ended the local trading session slightly firmer at $1,790 and $1,092, respectively, while palladium added over 1% to last trade at $2,815. Brent Crude is changing hands at $76.09 a barrel.
Indicators as of 17:00
Currencies
USDZAR 14.2466
EURUSD 1.1862
EURZAR 16.8942
GBPUSD 1.3839
GBPZAR 19.7126
AUDZAR 10.7245
CADZAR 11.5294
CNYZAR 2.2023
ZARJPY 7.7860
CHFZAR 15.4455
USDAOA 648.55
Equities and bonds
R186 7.52%
US 10 Year 1.43%
JSE -0.34%
FTSE 0.53%
S&P 500 0.75%
Commodities
Gold $1 791.15
Plat $1 094.74
Plad $2 816.24
Rhod $18 990.00
Irid $5 640.00
Ruth $748.00
Copp $9 432.00
Brent $76.06
Iron Ore 62.5% $212.46
Coal API4 $119.00
Gold ZAR R25 510.99
Plat ZAR R15 592.16
Indicators brought to you by TreasuryONE
