South African Stocks Edge Toward Quarterly Gain
(Bloomberg) -- South Africa's main stock index drops 0.4% on final trading day of third quarter, leaving the benchmark 0.2% lower for the past three months, and 2.2% lower for September, a second consecutive monthly decline. In contrast with the market's overall negative tone Wednesday, Capitec Bank Holdings Ltd. surged after releasing first-half earnings.
South African stocks have been supported during the quarter by a rally in gold and platinum companies, as an index of gold stocks climbed for the eighth consecutive quarter, the longest-ever such winning streak.
On the day, however, gold miners were a major drag on the market, with the sector index tumbling 2.9%, the most in almost two weeks, as gold headed for the largest monthly decline since November 2016 because the dollar's rally eroded the metal's haven appeal.
- AngloGold Ashanti Ltd. fell 2.7%, Gold Fields Ltd. dropped 2.9% and Harmony Gold Mining Co. lost 3.2%.
Capitec's 5.5% advance lifted the index for bank stocks, which rose 0.6%. Nedbank Group Ltd. gained 1.8% and Absa Group Ltd. added 0.4%, but FirstRand Ltd. fell 1% and Standard Bank Group Ltd. 0.4%.
- READ MORE: Capitec Wants to Get the Doors Revolving at Its New Headquarters
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