After soaring 200% in 2019, an index of Johannesburg-traded platinum stocks has maintained its blistering pace at the start of the new year, buoyed by record prices for the palladium the miners dig up alongside their main product.
The FTSE/JSE Africa Platinum Mining Index jumped 4.9% Wednesday, taking its advance this year to 6.5%, as palladium touched an all-time high above $2,100 an ounce, driven by strong consumption from carmakers, tight supplies and haven demand for precious metals.
Northam Platinum has led its South African peers so far in 2020, rising 8.7%. Impala Platinum, the market’s best performing stock in 2019 with a 291% gain, is up 6.5%. Anglo American Platinum, the world’s largest supplier of platinum and palladium, has gained 5.8%. The country’s overall benchmark index is 0.4% higher.
© 2020 Bloomberg L.P.