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SA stocks flat as rising Covid-19 cases, lockdowns weigh

Foreigners sustained their outflows from the SA stock market for a 15th consecutive day on Friday, disposing R947 billion of local equities.
Image: Waldo Swiegers/Bloomberg

South African stocks were little changed Monday after the country reintroduced tighter lockdown measures to rein-in surging coronavirus infections in the country.

In a televised address Sunday evening, President Cyril Ramaphosa moved the country to alert level 4, the national second highest. The restrictions include a ban on the sale of alcohol, and outlawing of public gatherings. The president also directed the closure of schools to curb surging coronavirus infections.

The FTSE/JSE Africa All Share Index erased earlier losses of as much as 0.2% in Johannesburg, before being little changed by 9:34 a.m. in Johannesburg.

Weakness in the rand pulls banks, insurers and retailers lower. Losses from 101 of the 140 listed companies offset gains by market giants Naspers, BHP Group and Anglo American.

  • A weaker rand halts a three day rally in bank stocks, which retreat 1.2% to post the biggest intrada delcine in a week.
    • FirstRand -1%, Standard Bank -0.9%, Absa Group -1%, Capitec Bank -0.6%, Nedbank Group -0.9%.
  • Insurers track weaker banks, dropping 1.4%.
    • Sanlam -1.2%, Old Mutual -1.9%, Discovery -1.2%, Momentum Metropolitan Holdings -0.8%, Liberty Holdings -1.1%.
  • Index for general retailers drops 1.35%, while that of food and drug sellers retreats 1%, the biggest drop in one week.
    • Foschini Group -1.4%, Mr Price Group -1%, Woolworths Holdings -1.1%, Motus Holdings -2.5%, Truworths International -1.5%, Pepkor Holdings -1.2%.
    • Bid Corp -1.2%, Shoprite Holdings -1.2%, Clicks Group -0.8%, Spar Group -0.8%, Pick n Pay Stores -1.3%.
  • Index for telecommunications companies drops for a fifth day, down 0.9% to the lowest level in more than one month.
    • MTN Group -0.8%, Vodacom Group -1%, MultiChoice Group -0.9%, Telkom SA -0.2%.
  • Naspers, with a halts a six-day slide, rising 1.2% to provide the biggest boost to the index. Its subsidiary Prosus NV also gains 1.2%.
  • Industrial miners rise for a sixth consecutive session, the longest winning streak since in more than two years, as iron ore prices rise.
    • BHP +1%, with miner seen likely to approve Canada potash project in August, Anglo American Plc +0.5% after company offloaded its stake in a Colombian mine Glencore Plc +0.1%.
  • Foreigners sustained their outflows from the South African stock market for a 15th consecutive day on Friday, disposing R947 billion  ($67 million) of local equities, according to exchange operator JSE Ltd. That’s the longest stretch of selling since May 2016.
© 2021 Bloomberg

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You say it is Flat? the JSE is dropping and will drop for the next two weeks with the exception of maybe Rand hedge stocks and miners/commodities

I wonder if Harmony Gold will drop faster than the Banks and Insurers today? They drop 2% to 3% every day

The JSE is not looking flat at all today,
financials (Banks and Insurers) are moving very fast in the opposite direction as predicted by some analysts on B D T V.

Helps to ride the road less travelled sometimes.

Coal is doing very well indeed, contrary to the Boatman report.

Iron Ore and PGM(s) are in demand so the shares should pick up at some stage.

End of comments.

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