SA stocks gain as Richemont gets luxury peer boost

South Africa’s main stock index rose 0.5% as of 10:06 a.m., with benchmark giant Richemont the biggest contributor to the advance after a luxury industry peer’s expectation-beating fashion sales spurred gains in the sector. Friday’s strength trimmed the market’s weekly decline to 0.3%, still set to drop for the first week in three.

Investors are also assessing South African President Cyril Ramaphosa’s plan to revive the coronavirus-battered economy, presented to lawmakers Thursday.

Richemont rose as much as 2.6%, the biggest jump since October 5, as competitor LVMH jumped the most in six months after the Louis Vuitton owner reported 3Q sales at its key fashion and leather-goods division that far exceeded expectations.

Naspers advanced 0.5% as partly owned Tencent rose in Hong Kong.

Diversified miners Anglo American, and BHP lifted the index for mining stocks, which climbed 0.6%

• BHP +0.9%, Anglo American +1%, Sibanye Stillwater +1.1%, AngloGold Ashanti +0.7%, Impala Platinum +0.9%, Northam Platinum+1.7%, African Rainbow Minerals +1.9%, Anglo American Platinum +0.5%, Glencore +1.2%.

Foreigners were net sellers of South African stocks Thursday, disposing of R1.36 billion worth of shares, according to exchange operator JSE Ltd.