Proudly sponsored by

SA stocks hit a 20-month high

Global equities remain around record highs.
Image: Moneyweb

South Africa’s main stock index advanced for a fourth consecutive day to the highest intraday level since April 2019, with Anglo American jumping to a 12-year high and strength in the rand lifting banks.

The FTSE/JSE Africa All Shares Index was up 0.6% as of 10:20 a.m. in Johannesburg. Anglo American climbed 0.7% to the highest since July 2008 after an update from Kumba Iron Ore, which gained 1.4%.

The risk-on sentiment was evident in early trade, with 112 of the 141 index members advancing, and only 17 lower. Friday’s strength helped propel the FTSE/JSE Africa All Share index to a second week of gains, rising 2.7% since Monday, and extend the annual increase to 4%.

Meanwhile, global equities remain around record highs as investors bet that positive vaccine developments can help sustain an economic recovery next year. Uncertainty remains about a US stimulus package, where a bipartisan proposal endorsed by Democratic leaders as a basis for negotiations is luring increased interest from Republicans, lifting the chances for a deal by year-end.

  • Gauge for mining stocks climbs for a fourth day, up 0.6%.
    • BHP Group +0.7%, Anglo American Platinum +2%, Exxaro Resources +2.3%, Impala Platinum Holdings +0.9%, Sibanye Stillwater +0.5%, African Rainbow Minerals +1%, Glencore +0.4%.
  • Index for bank stocks rises for a fourth day, the longest winning streak since October 2. Banks up 1.6% as the rand strengthens
    • FirstRand +2.2%, Standard Bank Group +2.1%, Absa Group +1.9%, Nedbank Group +1.7%, Capitec +0.6%, Investec +1.5%.
  • Insurers +2.4%.
    • Sanlam +2.8%, Discovery +2.7%, Old Mutual +2%, Momentum Metropolitan Holdings +1.2%, Liberty Holdings +2%.
  • Foreigners were net sellers of South African stocks Thursday, disposing R285 million worth of shares, according to exchange 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

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / PODCASTS SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: