SA stocks hit new record

South African stocks climbed 0.9% as of 12:42 p.m. in Johannesburg, hitting a fresh all-time high as heavyweight miners recovered from their weakness earlier in the session and as banks advanced.

The benchmark FTSE/JSE Africa All Share Index had fallen as much as 0.4%, but bounced back as a gauge of mining stocks reversed declines to climb 0.4%. Fuels and chemical producer Sasol remained the biggest drag on the market, sliding 2.7% as oil prices fell before an OPEC+ meeting on supplies.

Most global markets traded risk-off Tuesday after China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in financial markets. Locally, Old Mutual Investment Group struck a positive tone, saying domestically focused companies should benefit from growth of as much as 5% as the economy rebounds.

Johannesburg stocks are trading at a discount to their emerging-market peers “because no-one is paying attention to the resilience of South African companies,” OMIG Senior Portfolio Manager Siboniso Nxumalo said during a web conference.

Among miners, BHP Group gained 0.9%, while fellow diversified giant Anglo American advanced 0.4%.

Gold stocks dropped for a third day, down 1.6% as bullion prices fell.

• AngloGold Ashanti -1.3%, Gold Fields -0.5%.

Index giant Naspers advanced for a second day, rising 1.6% to provide the biggest boost to the index after partly owned tech company Tencent Holdings edged higher in Hong Kong.

An index of bank stocks gained for a second day, rising 1.3% as a climbing FirstRand countered a weaker rand.

• FirstRand +1.4% following rating upgrade Monday.
• Standard Bank +1.1%, Nedbank +0.9%, Absa +2.4%, Capitec +1.2%.