South Africa Stocks Rally to Record as Tencent Surge Boosts Naspers
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January 25, 2021
(Bloomberg) South Africaâs main stocks index jumped 2.1% as of 10:07 a.m. in Johannesburg, setting a fresh intraday record, as Naspers Ltd. was lifted by a surge in partly owned Chinese online giant Tencent Holdings Ltd. Retailer Woolworths Holdings Ltd. was also among the leading gainers, soaring the most since 1998 after an upbeat trading statement.
Asian stocks and U.S. 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 NV, which holds the companyâs 31% stake in Tencent, climbed 7.4% to the highest level since the company was carved out of the tech investor in September 2019.
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(Bloomberg)
Asian stocks and U.S. 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 NV, 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.
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Woolworths climbed 15% after saying it experienced improved trading momentum across all businesses in the final six weeks of the period ended Dec. 27.
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South African Insurers to Pay for 14 Million Covid-19 Vaccines
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January 7, 2021
(Bloomberg) South African medical insurers will pay for a Covid-19 vaccine for as many people who donât have coverage as they have members and expect the program to cost as much as 7 billion rand ($464 million).
The subsidy will mean that including medical aid members the companies will finance vaccines for 14 million adults in the country of 60 million people, Ryan Noach, the chief executive officer of Discovery Health Ltd., said in an interview on Wednesday. Discovery has already set aside the money, he said.
âThe ultimate effect is the one-to-one cross subsidy,â he said.
South African medical-insurance companies, business organizations and the government are developing a program in which the private sector will help fund…