Trading Day – Naspers responsible for Tencent shares appearing in Hong Kong’s clearing and settlement system.


Naspers confirms that Prosus has sold 1.115 million Tencent shares and deposited an additional 192 million Tencent shares – worth $7.6 billion – with the Hong Kong Central Clearing and Settlement System.

FirstRand expects a sizable increase in earnings per share (EPS) to roughly R5.80.

Here is the biggest news of the day.

  • Naspers confirms that Prosus sold 1.115 million Tencent shares yesterday, bringing its total ownership in Tencent to just under 28%. They also confirmed that they have deposited an additional 192 million Tencent shares with the Hong Kong Central Clearing and Settlement System as an administrative step “to enable on-market trading of such shares, in an orderly way according to the Repurchase Programme, over time.” The 192 million shares represent a 2% stake in the Chinese tech giant.
  • FirstRand expects a sizable increase in earnings. The company released a trading statement for its annual results, expecting earnings per share (EPS) to grow around 22% to roughly R5.80. The results are due on 15 September.
  • South Africa’s central bank governor, Lesetja Kganyago, said it’s too early to call the peak of inflation until we “can see that inflation is definitely on a downward trajectory”. Kganyago remarked that the bank must do whatever it takes to nip inflation in the bud.
  • The European Central Bank raised interest rates by a record 75 basis points. The ECB also signalled further hikes to fight inflation.
  • US Fed reiterates a strong stance against inflation ahead of its next meeting on 21 September. Speaking at the Fed chief’s last publicly scheduled appearance before going into their blackout period, Jerome Powell said, “History cautions strongly against prematurely loosening policy”. He said that they “will keep at it until the job is done” to avoid the higher social costs that would come with fighting inflations once higher inflation expectations become entrenched among the public. Following the remarks, the market is pricing in an 86% probability of a third consecutive 0.75 percentage point interest rate increase this month.
  • Chinese electric car giant, BYD, announces plans to build a factory in Thailand. The plant is BYD’s first wholly-owned passenger car factory outside China. The new factory is set to begin operations in 2024, building cars for the local market and exporting to countries in Southeast Asia. The annual production capacity will be about 150,000 vehicles.
  • Tesla VP of Gigafactory Operations Chris Lister has left the company. He is succeeded by Hrushikesh Sagar. Sagar reports directly to CEO Elon Musk and will also oversee Tesla’s vehicle assembly plant in Fremont, California.
  • Reality TV star, Kim Kardashian, has launched a private equity firm with her former partner at Carlyle Group, Jay Sammons. The firm will focus on deals with consumer media businesses.