You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Stocks set for best July since 2017 on mining gains

Friday’s gains lift the benchmark’s gains this week to 1%, leaving it 1.3% lower for the year.
Image: Moneyweb

South Africa’s main stock index advanced 1.2% as of 9:39 a.m. in Johannesburg. The benchmark is climbing for a fourth month in a row, rising 3.6% for its best July best performance since 2017 as record bullion prices lift gold producers, and as platinum miners rally amid shortages of palladium and sister metal rhodium, which have persisted as the coronavirus disrupted output.

Friday’s gains lift the benchmark’s gains this week to 1%, leaving it 1.3% lower for the year.

  • Naspers Ltd., with a 19% weighting on the index, rises 1.2% on Friday to the highest in a week, as partly owned Tencent Holdings Ltd. advances in Hong Kong
  • The FTSE/JSE Africa Mining Index rises 1.4% as precious metals producers join iron ore miners in posting gains
    • BHP Group Plc +0.8%, God Fields Ltd. +2.7%, Anglo American Plc +0.9%, Impala Platinum Holdings Ltd. +2.7%, Harmony Gold Mining Co. +5.2%, AngloGold Ashanti Ltd. +0.8%, Anglo American Platinum Ltd. +2.5%, Sibanye Stillwater Ltd. +1.9%
    • Glencore Plc + 0.8% as company says trading profit will be at the top end of its target this year as the commodities giant joins big oil companies enjoying a bonanza from volatile price swings.
  • Index heavyweight Richemont falls 0.4% to provide biggest drag to the index as the luxury retail industry reports quarterly earnings this week, with brands dealing with the effects of closed shops and a decrease in spending on high-end consumer goods.
    • NOTE: Luxury Brands Feel Pandemic’s Pinch in Quarterly Results
  • Weaker rand drags on index for bank stocks for a second day, gauge falls 0.6%
    • NOTE: Rand Heads for First Weekly Drop in Six: Inside South Africa
    • FirstRand Ltd. -0.6%, Standard Bank Group Ltd. -0.4%, Capitec Bank Holdings Ltd -0.9%, Absa Group Ltd +0.7%, Nedbank Group Ltd. -1%, Investec Plc -0.3%
  • Foreigners were net sellers of South African stocks Thursday, disposing of R748 million worth of shares, according to bourse operator, JSE Ltd.

© 2020 Bloomberg

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: