SA stocks climb as AngloGold, Gold Fields lead gains
South Africa’s main stock index gains 0.5% by 9:37 a.m. in Johannesburg with Gold Fields and AngloGold Ashanti leading the advance as a weaker dollar boosts bullion and other metals prices. Banking stocks are supported by a stronger rand.
South Africa joins global peers in rising Friday as risk sentiment is bolstered by the White House’s signal that the Trump administration is again leaning toward a large-scale stimulus bill. Friday’s gains set the benchmark on course for a second week, with gauge up 1.1% since Monday.
Gauge of mining stocks rises for a third day, up 1.7% to the highest in more than a week.
Sub-index of gold stocks rises for the second day, up 3.5% in the biggest intraday gain in more than three weeks as bullion prices jump after US stimulus shift prompts dollar weakness.
Gold Fields +4.1%, AngloGold Ashanti +3.2%. Harmony Gold +3.2%, Pan African Resources +2.3%, DRDGold +1.9%.
Platinum firms +2.3%.
Impala Platinum +3.7%, Sibanye Stillwater +2.7%, Northam Platinum +1.8%, Anglo American Platinum +1.4%, Royal Bafokeng Platinum +2.5%.
Diversified mines Anglo American +1%, BHP Group +0.6%, African Rainbow Minerals +1.1%, Glencore +0.4%.
Index of bank stocks rises 0.3% as the rand extends gains to a third day as the dollar weakens.
Standard Bank Group +0.2%, Investec Plc +1.1%, Absa Group +0.4%, Nedbank +0.4%.
Foreigners remained net sellers of South African stocks for a fifth day Thursday, disposing of R1.88 billion worth of shares, according to exchange operator JSE Ltd.
Source: moneyweb.co.za