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Johannesburg - South African stocks rose for the first time in three trading sessions on Monday, led by Standard Bank after Africa's largest lender said it would sell its Brazilian unit.
But gains were limited by media company Naspers, which again tracked losses in Chinese Internet firm Tencent, of which it owns about a third.
Shares of Standard Bank rose 4% to R129.20 after the bank said it would sell its Brazilian unit to Carlos Slim's Grupo Financiero Inbursa SAB.
Investors are hoping the bank could return the $45m from the sale to shareholders as a dividend.
"Standard Bank is getting rid of their non-core operations and focusing on Africa," said Lavan Gopaul, chief investment officer at Trademar Futures.
The benchmark Top-40 index rose 0.95% to 42 156.24 and the broader All-share index added 0.87% to 46 816.65.
Other banks also followed suit, with smaller rival Nedbank adding 1.8% to R210.10, while Barclays Africa gained 1% to R141.01.
The day's biggest loser was media firm Naspers, which fell 5% to R1 167.46, adding to a 4.5% drop in the previous session.
Naspers has been hit as investors hammered shares of Tencent, China's largest Internet firm, after Beijing said it would halted payments using a mobile device to scan bar codes, amid concern of verification procedures.
Tencent and other Internet companies in the world's second-largest economy have been pushing into online payments.
Trade was average, with about 161 million shares changing hands. A total of 193 shares advanced, 118 declined and 52 were unchanged.
But gains were limited by media company Naspers, which again tracked losses in Chinese Internet firm Tencent, of which it owns about a third.
Shares of Standard Bank rose 4% to R129.20 after the bank said it would sell its Brazilian unit to Carlos Slim's Grupo Financiero Inbursa SAB.
Investors are hoping the bank could return the $45m from the sale to shareholders as a dividend.
"Standard Bank is getting rid of their non-core operations and focusing on Africa," said Lavan Gopaul, chief investment officer at Trademar Futures.
The benchmark Top-40 index rose 0.95% to 42 156.24 and the broader All-share index added 0.87% to 46 816.65.
Other banks also followed suit, with smaller rival Nedbank adding 1.8% to R210.10, while Barclays Africa gained 1% to R141.01.
The day's biggest loser was media firm Naspers, which fell 5% to R1 167.46, adding to a 4.5% drop in the previous session.
Naspers has been hit as investors hammered shares of Tencent, China's largest Internet firm, after Beijing said it would halted payments using a mobile device to scan bar codes, amid concern of verification procedures.
Tencent and other Internet companies in the world's second-largest economy have been pushing into online payments.
Trade was average, with about 161 million shares changing hands. A total of 193 shares advanced, 118 declined and 52 were unchanged.
