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%.