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    PRX   NL0013654783


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South Africa's rand weakens as markets wait for Fed, stocks gain

07/28/2021 | 02:20pm EDT
A street money changer counts South African Rands in Harare

JOHANNESBURG (Reuters) - South Africa's rand dipped on Wednesday, as the dollar rose ahead of the outcome of a Federal Reserve meeting that could offer clues on the U.S. central bank's policy tapering plans.

At 1550 GMT, the rand was trading at 14.8275 against the dollar, around 0.4% weaker than its previous close.

"The markets will likely remain cautious today as we await the outcome of the (Fed meeting), and the focus is likely to be on any indications of a taper," Nedbank analysts said in a note.

The dollar has enjoyed a month-long rally after a hawkish shift from the Fed in June, and investors are waiting to see whether there are more signals this month in the face of spiking U.S. inflation.

Hints of a faster end to extraordinary policy support could lift the dollar further and pressure emerging market currencies like the rand.

On the Johannesburg bourse, stocks rose to an eight-week high after a lacklustre last few days as technology investor Naspers and its subsidiary Prosus bounced back from their two days of sharp drops.

Naspers, through Prosus, holds a 29% stake in Chinese tech giant Tencent Holdings , and had been showing massive drops on the back of Beijing's increased scrutiny and clamp-down on technology companies, especially in the education sector.

Naspers and Prosus both were up around 7% on Wednesday.

The benchmark index closed up 1.76% to end the day at 68,526 points and the blue-chip index of top 40 companies ended up 1.9% at 62,369 points.

The rally was also boosted by mining companies, especially platinum group metal miners whose strong profit numbers boosted the mining index up by 1.31%.

Bonds firmed, with the yield on the benchmark 2030 government bond down 1.5 basis points at 8.910%.

(Reporting by Promit Mukherjee, Olivia Kumwenda-Mtambo and Alexander Winning; Editing by Nick Macfie)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.04% 0.73794 Delayed Quote.-4.28%
BRITISH POUND / US DOLLAR (GBP/USD) 0.16% 1.3928 Delayed Quote.1.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.26% 0.8003 Delayed Quote.1.14%
EURO / SOUTH AFRICAN RAND (EUR/ZAR) 0.09% 17.46864 Delayed Quote.-2.43%
EURO / US DOLLAR (EUR/USD) 0.08% 1.1855 Delayed Quote.-3.22%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.31% 0.013464 Delayed Quote.-1.96%
NASPERS LIMITED 7.89% 2747.44 End-of-day quote.-9.01%
NEDBANK GROUP LIMITED 0.45% 164.8 End-of-day quote.27.28%
NEDBANK LIMITED -0.14% 7.33 End-of-day quote.-1.61%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.14% 0.69691 Delayed Quote.-3.02%
PROSUS N.V. 6.61% 72.13 Real-time Quote.-18.37%
TENCENT HOLDINGS LIMITED 0.27% 447.2 End-of-day quote.-20.71%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED 0.00% 2.86 End-of-day quote.16.26%
US DOLLAR / SOUTH AFRICAN RAND (USD/ZAR) 0.05% 14.7347 Delayed Quote.0.88%
All news about PROSUS N.V.
07/28South Africa's rand weakens as markets wait for Fed, stocks gain
07/27Prosus faces investor criticism over $144 million fee for Naspers share swap
07/27Prosus faces investor criticism over $144 million fee for Naspers share swap
07/27South Africa's rand falls as investors eye Fed meet
07/27EUROPE : European shares lower on China falls, Reckitt marks worst day in 18 yea..
07/27Reckitt results, China woes drag European shares lower
07/27PROSUS N : Slips 9% As China Places Curbs On Education Technology Sector
07/26EUROPE : European stocks ease from peaks, Prosus hits 1-year low
07/26S.Africa's rand partially recovers, but risks remain
07/26S.Africa's rand partially recovers, but risks remain
More news
Financials (USD)
Sales 2022 7 258 M - -
Net income 2022 8 897 M - -
Net cash 2022 1 661 M - -
P/E ratio 2022 22,7x
Yield 2022 0,07%
Capitalization 138 B 138 B -
EV / Sales 2022 18,8x
EV / Sales 2023 15,8x
Nbr of Employees 23 939
Free-Float 26,4%
Duration : Period :
Prosus N.V. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PROSUS N.V.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 21
Last Close Price 72,13 €
Average target price 123,96 €
Spread / Average Target 71,9%
EPS Revisions
Managers and Directors
Robert van Dijk Chief Executive Officer & Executive Director
Vasileios Sgourdos CFO, Financial Director & Executive Director
Jacobus Petrus Bekker Non-Independent Non-Executive Chairman
Patrick Luke Kolek Group Chief Operating Officer
David Tudor Group General Counsel & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
PROSUS N.V.-18.37%137 642
NETFLIX, INC.-3.96%229 667
AIRBNB, INC.-2.38%86 126