SA stocks edge higher

South Africa’s main stock index advanced 0.2% by 9:45 a.m. in Johannesburg as a stronger rand boosts shares in banks and gains for diversified miners counter weakness in gold and platinum producers.

Investors will be keeping an eye on developments around a national strike called Wednesday by unions representing workers across a range of industries, to highlight a litany of grievances, including job losses, an inadequate public transport system, corruption and state spending curbs.


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Rising iron ore prices lift diversified miners, countering weakness from precious metals producers, lifting the gauge for mining stocks by 0.2%. BHP +0.7%, Anglo American +0.7%, Glencore +1.5.

Sub-index of gold stocks retreats for a second day, down 0.4% as bullion prices dropped following President Donald Trump announcement that he had ended talks with Democrats on a new fiscal stimulus package until after the November presidential election, a move that roiled financial markets and boosted the dollar.

Harmony Gold -2.1%, Gold Fields -1.1%, Pan African Resources -1.1%, DRDGold -0.1%Sub index for platinum firms -0.1%Northam Platinum -1.8%, Sibanye Stillwater -1.5%.

Index heavyweight Richemont rises 0.9%. British American Tobacco +0.1%, Naspers +0.2%, Anheuser-Busch Inbev SA +2.8%.

Index of bank stocks advances 0.8% as the rand strengthens, FirstRand +0.9%, Standard Bank +1.1%, Nedbank +1.2%, Absa +0.6%, Capitec +0.2%, Investec Plc +0.4%.

Foreigners remained net sellers of South African stocks for a third day Tuesday, disposing of R1.06 billion worth of shares, according to index operator, JSE Ltd.

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