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SA stocks close on new record

As major miners regain poise.
Image: Waldo Swiegers/Bloomberg

South African stocks climbed 1.44% to close at a fresh all-time high of 68510.75 as heavyweight miners recovered from their weakness earlier in the session and as banks advanced.

A gauge of mining stocks reversed declines to climb 2.27%. Fuels and chemical producer Sasol remained the biggest drag on the market, sliding 1.03% as oil prices fell before an OPEC+ meeting on supplies.

Most global markets traded risk-off Tuesday after China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in financial markets. Locally, Old Mutual Investment Group struck a positive tone, saying domestically focused companies should benefit from growth of as much as 5% as the economy rebounds.

Johannesburg stocks are trading at a discount to their emerging-market peers “because no-one is paying attention to the resilience of South African companies,” OMIG Senior Portfolio Manager Siboniso Nxumalo said during a web conference.

Among miners, BHP Group gained 2.38%, while fellow diversified giant Anglo American advanced 1.91%.

Gold stocks stemmed a drop, with the Gold Mining index 0.33 in the green.

  • AngloGold Ashanti fell 0.54%, Gold Fields rose 1.25%.

Index giant Naspers advanced for a second day, rising 1.78% to provide the biggest boost to the index after partly owned tech company Tencent Holdings edged higher in Hong Kong.

An index of bank stocks gained for a second day, rising 1.08% as a climbing FirstRand countered a weaker rand.

  • FirstRand +0.95% following rating upgrade Monday.
  • Standard Bank +1.03%, Nedbank +1.46%, Absa +2.46%, Capitec +0.39%.
© 2021 Bloomberg

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It is clear that the rest of the world are happy to harvest our resources and leave us to our own ruinous policies and politics. Little chance of new capital investment unless there is some underlying benefit for those involved. So we make money if we hold mining and resources shares while the raw material can be extracted. Thereafter we may well be living in a mine dump.

End of comments.

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