(Bloomberg) -- South African stocks climbed 0.9% as of 12:42 p.m. in Johannesburg, hitting a fresh all-time high as heavyweight miners recovered from their weakness earlier in the session and as banks advanced.
The benchmark FTSE/JSE Africa All Share Index had fallen as much as 0.4%, but bounced back as a gauge of mining stocks reversed declines to climb 0.4%. Fuels and chemical producer Sasol Ltd. remained the biggest drag on the market, sliding 2.7% 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.
Comeback Year for S. Africa May Drive Stock Recovery, OMIG Says
Among miners, BHP Group gained 0.9%, while fellow diversified giant Anglo American Plc advanced 0.4%.
Gold stocks dropped for a third day, down 1.6% as bullion prices fell.
Gold Slumps to Eight-Month Low on Waning Demand, Rising Dollar
- AngloGold Ashanti Ltd. -1.3%, Gold Fields Ltd. -0.5%
Index giant Naspers Ltd. advanced for a second day, rising 1.6% to provide the biggest boost to the index after partly owned tech company Tencent Holdings Ltd. edged higher in Hong Kong.
An index of bank stocks gained for a second day, rising 1.3% as a climbing FirstRand Ltd. countered a weaker rand.
- FirstRand +1.4% following rating upgrade Monday.
- Standard Bank Group Ltd. +1.1%, Nedbank Group Ltd. +0.9%, Absa Group Ltd. +2.4%, Capitec +1.2%
You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance.
©2021 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
