SA stocks edge toward quarterly gain

South African stocks have been supported during the quarter by a rally in gold and platinum companies.
Image: Bloomberg

South Africa’s main stock index drops 0.4% on final trading day of third quarter, leaving the benchmark 0.2% lower for the past three months, and 2.2% lower for September, a second consecutive monthly decline. In contrast with the market’s overall negative tone Wednesday, Capitec surged after releasing first-half earnings.

South African stocks have been supported during the quarter by a rally in gold and platinum companies, as an index of gold stocks climbed for the eighth consecutive quarter, the longest-ever such winning streak.

Moneyweb Insider INSIDERGOLD

Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process.

ONLY R63pm

Choose an option:

R63 per month
R630 per year SAVE R126

You will be redirected to a checkout page.
To view all features and options, click here.

A monthly subscription is charged pro rata, based on the day of purchase. This is non-refundable and includes a R5 once-off sign-up fee.
A yearly subscription is refundable within 14 days of purchase and includes a 365-day membership.

Click here for more information.

On the day, however, gold miners were a major drag on the market, with the sector index tumbling 2.9%, the most in almost two weeks, as gold headed for the largest monthly decline since November 2016 because the dollar’s rally eroded the metal’s haven appeal.

AngloGold Ashanti  fell 2.7%, Gold Fields dropped 2.9% and Harmony Gold Mining lost 3.2%.

Capitec’s 5.5% advance lifted the index for bank stocks, which rose 0.6%. Nedbank Group gained 1.8% and Absa Group added 0.4%, but FirstRand fell 1% and Standard Bank 0.4%.

© 2020 Bloomberg

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: