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SA stocks fall as weak miners eclipse rising banks

Foreigners remained net buyers of South African stocks for a 12th consecutive day Tuesday.

South Africa’s main stock benchmark drops for a fourth day, falling 0.2% by 9:42 a.m. in Johannesburg, with weakness in index giant Naspers, and a downturn in miners countering a resurgence in banks and gains in heavyweight Richemont.

Naspers, with an 18% weighting on the index, falls for a second day, down 0.5% to provide the biggest drag to the index, as partly owned Tencent retreats in Hong Kong.

BHP (-0.7%) leads 0.4% drop in the index for mining stocks.

Sub-index for gold companies falls for a second day, down 1.9%, as the rand price of bullion drops to the lowest since March 20.

AngloGold Ashanti -1.5%, Gold Fields -1%, Harmony Gold Mining -3.1%, Pan African Resources -2.1%, DRDGold -1.7%.

Index for platinum companies up 0.1%.

Impala Platinum +0.7%, Northam Platinum +0.8%, Anglo American Platinum +0.5%.

Sibanye Stillwater -0.5%, Royal Bafokeng Platinum -1.3%.

Richemont extends gains to a second day, rising 0.6% to provide biggest boost to the index.

Index for bank stocks up 0.4% as the rand strengthens. Fitch Ratings upgraded the five listed banks, saying they have significant headroom to withstand current pressures on the operating environment.

Standard Bank +0.4%, Nedbank +3%, Capitec Bank +0.1%, Absa +0.6%, FirstRand +0.2%.

Foreigners remained net buyers of South African stocks for a 12th consecutive day Tuesday, purchasing R1.02 billion worth of shares, according to exchange operator JSE Ltd.

© 2020 Bloomberg

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Why are the Chinese companies that operate South African mines not listing on the JSE??
It should be law, to ensure more transparent process of South African resources.
All foreign companies that operate in South Africa(if they use resources, should list on the JSE). Make it law

Why do the Chinese Mining companies that operate in South Africa, not list on the JSE? It should be law, because then SA citizens can share in the wealth of resources from South Africa?

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