Sep 30, 2020
South African Stocks Edge Toward Quarterly Gain
Bloomberg News
,![A logo stands above the elevators in the reception area of the Johannesburg Stock Exchange (JSE) in the Sandton district of Johannesburg, South Africa, on Monday, Sept. 3, 2018. The emerging-market sell-off may have already battered South Africa's rand, but it could get worse as traders fret about a push for land reform that may have far-reaching economic consequences and is catching the attention of world leaders., Bloomberg A logo stands above the elevators in the reception area of the Johannesburg Stock Exchange (JSE) in the Sandton district of Johannesburg, South Africa, on Monday, Sept. 3, 2018. The emerging-market sell-off may have already battered South Africa's rand, but it could get worse as traders fret about a push for land reform that may have far-reaching economic consequences and is catching the attention of world leaders.](/polopoly_fs/1.1501432.1601458697!/fileimage/httpImage/image.png_gen/derivatives/landscape_620/a-logo-stands-above-the-elevators-in-the-reception-area-of-the-johannesburg-stock-exchange-jse-in-the-sandton-district-of-johannesburg-south-africa-on-monday-sept-3-2018-the-emerging-market-sell-off-may-have-already-battered-south-africa-s-rand-but-it-could-get-worse-as-traders-fret-about-a-push-for-land-reform-that-may-have-far-reaching-economic-consequences-and-is-catching-the-attention-of-world-leaders.png)
(Bloomberg) -- South Africa’s main stock index is steady as of 9:59 a.m. in Johannesburg on the final trading day in September. The benchmark is poised for 0.3% advance in the third quarter, a second consecutive quarter of gains. Capitec Bank Holdings Ltd. surges Wednesday after releasing its first-half earnings.
South African stocks have risen modestly in the past three months thanks to a rally in gold and platinum companies, and as the easing coronavirus lockdown in the quarter buoyed banks and retailers. An index of gold stocks is climbing for the eight consecutive quarter, the longest-ever such winning streak.
- Index heavyweight Naspers Ltd. advances 1%, biggest intraday jump in a week, as partly owned Tencent Holdings Ltd. gains in Hong Kong. Naspers holds a 31% stake in Tencent through its subsidiary Prosus NV, which is up 1.8%
- Diversified miners shake off weakness in gold and platinum companies to lift gauge for mining stocks by 0.3%
- Anglo American Plc +2%, BHP Group Plc +0.3%
- Capitec lifts index for bank stocks, which rises 0.4%, despite a weaker rand
- Capitec +3.8%, Standard Bank Group Ltd. +0.5%, Absa Group Ltd. +0.3%
- NOTE: Capitec Expects to Add More Clients Even as Virus Hits Profit
- Food and drug sellers rise 0.5%, while general retailers rise 0.6%
- Clicks Group Ltd. +1.3%, Bid Corp Ltd. +0.7%, Pick n Pay Stores Ltd. +2.8%, Spar Group Ltd. +0.7%
- Foschini Group Ltd. +1.4%, Woolworths Holdings Ltd. +0.8%, Truworths International Ltd. +0.7%, Mr Price Group Ltd. +0.3%, Massmart Holdings Ltd. +2.8%
- Index giant Richemont drops for a second day, down 1.1%
- Foreigners remained net sellers of South African stocks for an eighth day Tuesday, disposing of 4.04 billion rand worth of shares, according to exchange operator JSE Ltd. That’s the largest outflows since Aug. 31, and the fourth-biggest this year.
NEWS:
- South Africa’s Lockdown Reverses Nine Years of Job Gains: Chart
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