South Africa’s main stock index halts a two-day slump, rising 1.4% by 9:54 a.m. in Johannesburg, as dollar weakness lifts the rand, driving locally focused stocks like insurers, financials and retailers
Miners extend gains for a third day, rising as sustained demand from Chinese mills lifted iron ore prices, and as greenback weakness drives bullion back toward $2,000 an ounce. Chinese manufacturing data indicated that exports are underpinning a recovery.
Johannesburg’s benchmark index ended August 0.4% lower, snapping a winning run of four month-on-month gains.
- BHP +1.8%, Anglo American +2.2%, AngloGold Ashanti +4.3%, Gold Fields +3.6%, Sibanye Stillwater +3.4%, Impala Platinum Holdings +2.9%, Anglo American Platinum +2.8%, Harmony Gold Mining +2.9%.
- Africa’s biggest listed company, Naspers halts a two-day slide, rising 2.1%, to provide the biggest boost to the index. Gains come as tech giant Tencent Holdings, in which Naspers has a 31% stake, rises in Hong Kong.
- Naspers subsidiary, Prosus NV, which holds the Tencent stake, gains 1.9%.
- Insurers rise 0.5%.
- Sanlam +0.9%, Discovery +0.7%.
- Old Mutual halts five-day slide, gains 0.3%, after posting a 67% decline in profit in the first half to June, and scrapped the company scraps its dividend citing high levels of uncertainty caused by the coronavirus pandemic.
- General financials rise 0.5% as the rand advances.
- Rand Merchant Investment Holdings +1.8%, Reinet Investments SCA +0.6%, Ninety One Plc +0.5%, Quilter +0.4%
- Food and drug retailers +0.6%.
- Bid Corp +0.7%, Pick n Pay +3.2%, Shoprite Holdings +0.5%, Spar Group +0.4%, Clicks Group +0.2%.
- MTN Group retreats for a sixth day, the longest losing streak since February 28.
- Foreigners were net sellers of South African stocks for a second day Monday, disposing of R5.66 billion worth of shares, according to exchange operator JSE. That’s the largest outflow since May 29.
© 2020 Bloomberg