Stocks near 7-month highs
Richemont led the Top40 index higher, surging 5.82percent to R121.25 after the world’s second-biggest luxury goods group, reported a 4percent rise in third quarter sales, helped by double-digit growth in China and South Korea.
Resources continued to do some heavy lifting, with the mining index 2.66percent firmer points amid gains in gold, platinum and iron ore producers. Gold edged higher on Friday but posted its first weekly decline in six as solid Chinese data and a preliminary US-China trade deal improved risk appetite.
Palladium rose over 9percent to a record high as the market grapples with deep supply shortages, while platinum rose 1.01percent. This boosted Sibanye by 5.32percent to R39,20, African Rainbow Minerals by 4.54percent at R187.82, Impala Platinum by 3.11percent to R154.61 and Glencore by 1.32percent at R46.10.
In fixed income, the yield on the benchmark government bond was down 1 basis points at 8.18 percent.
Source: iol.co.za
