By Adelaide Changole
JOHANNESBUGR - South Africa’s main stock index advances for a fourth day, climbing to the highest since Feb. 20, as first-half earnings lift Mondi, and as rising iron ore prices boosts diversified miners BHP Group and Anglo American.
Gold miners halt a two-day rally, fall 1.5 percent, as the precious metal producers cool. Meanwhile Naspers retreats amid concern that the US will take more measures to limit the use of Chinese technology.
The FTSE/JSE Africa All Shares Index was up 0.6 percent at 9:39 a.m. in Johannesburg, taking its annual gains to 1.4 percent, erasing all of its 2020 losses.
- Mondi +7 percent to highest since March 2019, providing biggest boost to the index after the company reinstates dividend
- Rand-hedge Richemont rises 0.6 percent as the currency slides against the dollar.
- Index for bank stocks rises for a third day, up 1.8 percent
- Standard Bank +2.3 percent, FirstRand +1.7 percent, Absa +1.8 percent, Nedbank +1.5 percent, Capitec Bank +1.1 percent, Investec +1 percent
- Insurers +1.5 percent
- Sanlam +1.8 percent, Old Mutual +1.3 percent, Discovery +1.1 percent, Momentum Metropolitan +1.4 percent, Liberty +0.6 percent
- Index heavyweight Naspers falls 0.5 percent to provide biggest drag to the index, as partly-owned internet giant Tencent Holdings falls in Hong Kong.
- Gold stocks shake off record bullion prices, fall 2 percen to pull gauge for mining stocks down 0.4 percent
- AngloGold Ashanti -2.4 percent, Gold Fields -1.7 percent, Sibanye Stillwater -2.3 percent, Harmony Gold Mining -4 percent, Impala Platinum Holdings -1.4 percent, Anglo American Platinum -1.4 percent, Northam Platinum -0.6 percent, DRDGold -2.6 percent
- Foreigners remain net sellers of South African stocks, disposing 2.24b rand worth of shares, according to index operator JSE.
BLOOMBERG