South African Stocks Halt Slide as Strong Rand Lifts Banks 

(Bloomberg) -- South Africa's main stock index halts a two-day slide, rises 0.5% by 9:53 a.m. in Johannesburg as gold stocks drive miners higher, and a stronger rand lifts banks.

Equity markets are climbing Thursday as signs of potential progress toward fresh U.S. fiscal stimulus boost appetite for riskier assets. The MSCI Emerging Market Index is 0.4% higher. The South African benchmark dropped 0.2% in the third quarter, lagging behind an 8.7% gain in emerging-market peers. It fell 2.2% in September, sliding for a second month.

  • Diversified miners BHP Group Plc and Anglo American Plc join gold producers in boosting gauge for mining stocks, with index climbing 1%
    • BHP +0.9%, Anglo American +0.8%, Gold Fields Ltd. +1.6%, AngloGold Ashanti Ltd. +1.6%, Sibanye Stillwater Ltd. +1.5%, Impala Platinum Holdings Ltd. +1.1%, Harmony Gold Mining Co. +1.3%, Anglo American Platinum Ltd. +0.5%, Northam Platinum Ltd. +0.4%, African Rainbow Minerals Ltd. +0.8%
  • Index for banks stocks extends gains for a fourth day, tracking the strengthening rand
    • FirstRand Ltd. +1.6%, Standard Bank Group Ltd. +2.1%, Absa Group Ltd. +2%, Nedbank Group Ltd. +1.8%, Capitec Bank Holdings Ltd. +0.4%, Investec Plc +1.2%
    • South African currency is 0.6% stronger against the dollar as of 10:02 a.m., rising for a fourth day
    • MTN Group Ltd. lifts the mobile telecommunications index up 1.4%, as South Africa plans to auction off more than 8 billion rand ($483 million) of high-speed internet spectrum following years of delays
      • MTN +2.6%, Blue Label Telecoms Ltd. +0.6%
      • NOTE: South Africa Starts $479 Million Sale of Internet Spectrum
      • Sasol Ltd. halts two-day slide, up +5.2%
        • NOTE: Sasol Advises Shareholders to Continue Exercising Caution
        • Nampak Ltd. surges a further 27%, adding to Wednesday's record 45% jump, after the packaging company said it had reduced gross net debt
        • Foreigners remained net sellers of South African stocks for a ninth day Wednesday, disposing of 1.51 billion rand worth of shares, according to exchange operator JSE Ltd.

          • ©2020 Bloomberg L.P.

          Share
Unlock this article for free
Sign up to access exclusive stories, fewer ads, and a personalised experience.
Live TV
Apps
Social
Hello Reader
Sign In / Register
Set as Trusted Source
on Google Search
Add NDTV Profit As Google Preferred Source