South Africa’s main stock index advance 0.2% by 9:45 a.m. in Johannesburg as a stronger rand boosts shares in banks and gains for diversified miners counter weakness in gold and platinum producers.
South Africa’s main stock index advance 0.2% by 9:45 a.m. in Johannesburg as a stronger rand boosts shares in banks and gains for diversified miners counter weakness in gold and platinum producers.

South African stocks edge higher with banks helped by rand gains

By Bloomberg Time of article published Oct 7, 2020

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JOHANNESBURG - South Africa’s main stock index advance 0.2% by 9:45 a.m. in Johannesburg as a stronger rand boosts shares in banks and gains for diversified miners counter weakness in gold and platinum producers.

Investors will be keeping an eye on developments around a national strike called Wednesday by unions representing workers across a range of industries, to highlight a litany of grievances, including job losses, an inadequate public transport system, corruption and state spending curbs.

Rising iron ore prices lift diversified miners, countering weakness from precious metals producers, lifting the gauge for mining stocks by 0.2%

  • BHP Group Plc +0.7%, Anglo American Plc +0.7%, Glencore Plc +1.5
  • Sub-index of gold stocks retreats for a second day, down 0.4% as bullion prices dropped following President Donald Trump announcement that he had ended talks with Democrats on a new fiscal stimulus package until after the November presidential election, a move that roiled financial markets and boosted the dollar.
  • Harmony Gold Mining Co. -2.1%, Gold Fields Ltd. -1.1%, Pan African Resources Plc -1.1%, DRDGold Ltd. -0.1%
  • Sub index for platinum firms -0.1%
  • Northam Platinum Ltd. -1.8%, Sibanye Stillwater Ltd. -1.5%
  • Index heavyweight Richemont rises 0.9%. British American Tobacco Plc +0.1%, Naspers Ltd. +0.2%, Anheuser-Busch Inbev SA +2.8%
  • Index of bank stocks advances 0.8% as the rand strengthens
  • FirstRand Ltd. +0.9%, Standard Bank Group Ltd. +1.1%, Nedbank Group Ltd. +1.2%, Absa Group Ltd. +0.6%, Capitec Bank Holdings Ltd. +0.2%, Investec Plc +0.4%
  • NOTE:Rand Gains as Central Bank Flags Stable Rates: Inside S. Africa

Foreigners remained net sellers of South African stocks for a third day Tuesday, disposing of 1.06 billion rand worth of shares, according to index operator, JSE Ltd.

BLOOMBERG

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