Stocks drop before unemployment data announcement

JOHANNESBURG – South Africa’s main stock benchmark declines 0.3% by 9:42 a.m. in Johannesburg, before the release of data that may show the unemployment rate in the country rose to a record in the second quarter.

Banks retreated after surging by the most in almost three weeks in Monday’s session.

Unemployment is expected to increase to 35%, according to the median estimate in an economist survey, the highest among 83 countries tracked by Bloomberg.

  • An index of bank stocks falls 0.9% as the rand weakens; sector retraces some of Monday’s surge of 6.4%, which was the sharpest gain since Sept. 9
  • FirstRand Ltd. -0.9%, Absa Group Ltd. -1.2%, Standard Bank Group Ltd. -0.5%, Capitec Bank Holdings Ltd. -0.9%, Nedbank Group Ltd. -0.1%
  • Financials drop 0.8%
  • Remgro Ltd -1.3% after company publishes results for the year to June
  • Reinet Investments SCA -1%, Quilter Plc -1.3%, Rand Merchant Investments Holding -1.3%, JSE Ltd. -1.4%
  • Insurers -0.9%
  • Old Mutual Ltd. -2%, Sanlam Ltd. -0.8%, Discovery Ltd. -1%, Liberty Holdings Ltd. -0.8%
  • Naspers Ltd. -0.3%, Sasol Ltd. -2.4%, Richemont -0.3%
  • Gains by gold producers counter weakness among diversified miners, lifting gauge pf mining stocks, which rises 0.3%
  • Sub-index of gold stocks rises for a third day, the longest winning streak since July 27, as bullion gains amid igns of further stimulus in the U.S. and Europe
  • Gold Fields Ltd. +2.3%, AngloGold Ashanti Ltd. +1.1%, Harmony Gold Mining Co Ltd. +2.3%, DRDGold Ltd. +2.2%, Pan African Resources Plc +1.7%
  • BHP Group Plc -0.7%, Anglo American Plc -0.7%, Glencore Plc -1.7%, Exxaro Resources Ltd. -0.3%, African Rainbow Minerals Ltd. -0.4%
  • Foreigners remained net sellers of South African stocks for a seventh day Monday, disposing of 206 million rand worth of shares, according to exchange operator JSE Ltd.