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.