Stocks retreat in longest losing streak since June

Foreigners were net sellers of South African stocks Thursday, disposing R814 million worth of shares.
Image: Moneyweb

South Africa’s main stock benchmark erases gains of as much as 0.4% to drop for a fourth day Friday, down 0.4% by 10:06 a.m. in Johannesburg. The four-day slide, the benchmark’s longest losing streak since June 11, deepens weekly losses to 2.1%.

An index of South African banking stocks drops 1.6%, surrendering an advance of as much as 0.9%, after Investec said it sees first-half profit falling as much as 68% in the wake of the coronavirus pandemic.

  • Investec -4.4%, Nedbank -2.5%, Absa -2.3%, Standard Bank -1.6%, Capitec Bank -1.6%, FirstRand -1%.
  • Global luxury retailer Richemont extends losses for a fourth day, falling 1.8% to cause the biggest drag on the index.
  • Johannesburg’s index of mining companies halts a two-day slump, gain 0.1% as gold producers join advances by diversified miners and platinum producers.
    • BHP +1.7%, Anglo American +0.9%, Gold Fields +1.7%, AngloGold Ashanti +1.3%, Impala Platinum +1.2%, Anglo American Platinum +1.8%, Sibanye Stillwater +0.9%, Harmony Gold +2.2%.
  • Among retailers, Spar climbs 5.2% to the highest in more than three months after the company said its sales rose 12.4% in the 48 weeks to August 28. An index of food and drug retailers climbs 1.1%.
  • Foreigners were net sellers of South African stocks Thursday, disposing R814 million worth of shares, according to exchange operator, JSE Ltd.
© 2020 Bloomberg

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That “SA Inc” BS of last week didn’t last very long, did it? lol

Evaporated faster than a Cape Town Dam.

End of comments.

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