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SA stocks fall

As Standard Bank update weighs on lenders.
Image: Moneyweb
South Africa’s main stock index halted a two-day rally, falling 0.18% by 11:17 a.m. in Johannesburg, as Sasol joined diversified miners and gold producers in dragging the benchmark FTSE/JSE Africa All Share lower.
Standard Bank Group fell 1.63%, weighing on the banking index, after the company gave an update on its performance in the first nine months of 2020, and said it sees annual cost growth outpacing gains in revenue.Read Standard Bank’s Sens update here.

Standard Bank’s peers in the index for bank stocks retreated 0.53%, also pulled lower by the weaker rand

  • Nedbank Group fell 0.98%, FirstRand -0.86, Absa -0.73%

BHP Group dropped 1.81% to lead the gauge of mining stocks lower, with index falling 1.43% to the lowest in more than a week.

  • Anglo American fell 0.96%, Sibanye Stillwater -3.47%, Gold Fields -1.73%, AngloGold Ashanti -1.67%, Harmony Gold -2.09% and Royal Bafokeng Platinum 1.58.

Sasol fell as much as 8.74%, to the lowest since June 1, after OPEC+ warned of a precarious outlook for the oil market as a resurgent virus hits consumption.

Index heavyweight Richemont was up 2.74%. Fellow market giant Naspers gained 0.37%

Tiger Brands jumped as much as 5.3%, touching the highest since November, after being raised to overweight by Morgan Stanley.

Foreigners remained net sellers of South African stocks for a fourth consecutive session on Monday, disposing of R92 million worth of shares, according to exchange operator JSE.

© 2020 Bloomberg L.P.

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