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.

SA stocks lifted by global markets, gold gains

Platinum groups Impala and Northam were among Thursday’s biggest gainers.
Image: Moneyweb

South African stocks gained with global markets on Thursday, lifted by a $2 trillion U.S. coronavirus relief package and a higher gold price, while the rand fell ahead of a lockdown.

The Johannesburg Stock Exchange’s Top-40 index as well as the broader All-Share index gained 4.09%, led higher for a third straight day, with gold miners up 7.12% and financials 7.18% higher.

A Wall Street rally powered global gains in stocks as traders focused on the unanimous passage of the coronavirus relief bill in the U.S. Senate and the possibility of more stimulus to come.

Spot gold gained after data showed U.S. jobless claims surged to a record high due to the coronavirus pandemic, with Gold Fields shares up 7% to 113.96 rand and AngloGold Ashanti 7.59% higher at 389.59 rand.

President Cyril Ramaphosa said on Monday that South Africa, which has confirmed more than 900 cases of coronavirus, would be in lockdown from midnight on Thursday to try to curb its spread.

Analysts expect the lockdown to support to Platinum Group Metals (PGMs) because of possible supply concerns.

South Africa is the world’s largest platinum producer with the mining sector accounting for around 13% of GDP and among Thursday’s biggest gainers were platinum groups Impala, up 2.93%, and Northam which rose by 1.49%.

The South African rand was 0.14% weaker at 17.3540 per dollar at 18:22, snapping a two-session rally that had driven the currency to 17.1900, its highest level since Friday.

Bonds firmed, with the yield on the benchmark paper due in 2026 down 28 basis points to 10.335%.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: