S. Africa Stocks Retreat as Banks Fall; Shoprite Soars on Update

(Bloomberg) —

South Africa’s main stock index erases gains of as much as 0.4% to fall 0.5% by 9:40am in Johannesburg, as weakness in banks and MTN Group counter a rise in heavyweight BHP and a soaring Shoprite.

The losses come amid a resurgence in Covid-19 cases in parts of the U.S. and Europe, raising concern that the economic rebound is stalling. Risk appetite has also taken a hit amid the ratcheting up of U.S.-China tensions, with the Trump administration expected to unveil new measures shortly against Chinese-owned software deemed to pose national-security risks.

NOTE: Futures, Asia…

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