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Johannesburg Stock Market Opens 5 Hours Late After Trading Surge

  • Bourse struggled to process deals after heavy trade in Naspers
  • Delay follows completion of Naspers-Prosus share exchange
The Johannesburg Stock Exchange in Sandton, South Africa.

Photographer: Guillem Sartorio/AFP/Getty Images

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The start of equities trading on South Africa’s main stock exchange was delayed by hours Wednesday after the bourse struggled to process record transactions in the previous session as investors adjusted their holdings in local market giant Naspers Ltd.

Naspers, the largest investor in Tencent Holdings Ltd., dominated trading in Johannesburg Tuesday, falling 8.1% on surging volumes as money managers adjusted their portfolios following the company’s share swap deal with unit Prosus NV. The exchange couldn’t cope with the volumes, causing the glitch that delayed local investors’ opportunity to react to Tencent’s earnings as they were released in Hong Kong.