South Africa Stocks Fall as Trump’s Positive Test Spooks Markets
South Africa's main stock index fell as much as 1.2% after U.S. President Donald Trump's announcement that he tested positive for Covid-19 roiled markets and drove global equities lower.
“A wave of risk-off sentiment swept through global financial markets” after Trump's news, Han Tan, market analyst at FXTM, wrote in an emailed note.
Heavyweights BHP Group Plc, Richemont, Anglo American Plc and Naspers Ltd. led the local index lower. Friday's decline trimmed the gauge's weekly gain to 1%, its first weekly advance in three.
- Rand-hedge Richemont fell 2.2%, providing the main drag on the index. Naspers retreated 0.4%, while its subsidiary Prosus NV rose 0.5% to give the biggest boost to the gauge.
- The index for resource stocks retreated 1.2% as diversified miners joined gold and platinum producers in retreating.
- BHP -1.2%, Anglo American -0.8%, Impala Platinum Holdings Ltd. -3.4%, Northam Platinum Ltd. -3.4%, Sibanye Stillwater Ltd. -2.2%, Anglo American Platinum Ltd. -2%, Harmony Gold Mining Co. -2.6%, AngloGold Ashanti Ltd. -1%
- A weaker rand drove the index for bank stocks down for the first day in five, falling 2.3%.
- Standard Bank Group Ltd. -3%, Capitec Bank Holdings Ltd. -2.5%, FirstRand Ltd. -1.7%, Nedbank Group Ltd. -3.6%, Absa Group Ltd. -2.4%
- Sasol Ltd. fell 2.5% after the company agreed to sell a $2 billion stake in its U.S. base-chemicals business to LyondellBasell Industries NV to help pay down debt.
- NOTE: Sasol to Sell $2 Billion Chemicals Stake to LyondellBasell
- Nampak extended gains to a third day, rising as much as 73% to the highest since March 19. The company announced Wednesday that it had reduced gross debt by 21%.
- Foreigners turned net buyers of South African stocks on Thursday, ending a nine-day net outflow. Investors purchased 487 million rand worth of shares, according to exchange operator JSE Ltd.
- South Africa Plan Must Tackle Constraints, Kganyago Says
- South African Treasury Sees Debt Jump If Wage Deal Implemented
NEWS:
©2020 Bloomberg L.P.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
