South Africa’s main stock index rose 0.8% as of 10:31 a.m. in Johannesburg, the biggest gain since October 12, as increased appetite for riskier assets lifts miners. Diversified mining giant Anglo American climbed 1.9% and was among the biggest contributors of index points to the benchmark.
Friday’s gains extended the weekly advance in South African stocks to 0.5%. Investors remained finely tuned into developments around a US stimulus package. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely.
An index of mining stocks rose 0.8%, with Exxaro Resourcecs gaining 2.8%, while Glencore was up 1.8%.
Luxury retailer and market heavyweight Richemont snapped two days of declines to rise 1.5%.
Food and drug sellers were up 1.7%, while general retailers gained 1.6%.
Clicks Group +7.5%, Bid Corp +1%, Dis-Chem +2.6%, Spar +0.4%.
Foschini +3.4%, Mr Price +2.1%, Truworths International +2.2%, Woolworths Holdings, Motus Holdings +1.9%, Pepkor +1.4%, Massmart. +1.2%.
Insurers +2.5%. Old Mutual +4.5%, Sanlam +2%, Discovery +3.4%, Momentum Metropolitan Holdings +1.4%, Liberty +1.9%.
Foreigners remained net sellers of South African stocks for a seventh consecutive session Thursday, disposing of R2.28 billion worth of shares, according to exchange operator JSE Ltd.