South Africa Stocks Retreat in Longest Losing Streak Since June

(Bloomberg) --

South Africa’s main stock benchmark erases gains of as much as 0.4% to drop for a fourth day Friday, down 0.4% by 10:06 a.m. in Johannesburg. The four-day slide, the benchmark’s longest losing streak since June 11, deepens weekly losses to 2.1%.

An index of South African banking stocks drops 1.6%, surrendering an advance of as much as 0.9%, after Investec Ltd. said it sees first-half profit falling as much as 68% in the wake of the coronavirus pandemic.

• Investec Ltd. -4.4%, Nedbank Group Ltd. -2.5%, Absa Group Ltd. -2.3%, Standard Bank Group Ltd. -1.6%, Capitec Bank Holdings Ltd. -1.6%, FirstRand Ltd. -1%
  • NOTE: Investec Sees Profit Falling as Much as 68% on Virus Fallout

• Global luxury retailer Richemont extends losses for a fourth day, falling 1.8% to cause the biggest drag on the index
• Johannesburg’s index of mining companies halts a two-day slump, gain 0.1% as gold producers join advances by diversified miners and platinum producers
  • BHP Group Ltd. +1.7%, Anglo American Plc +0.9%, Gold Fields Ltd. +1.7%, AngloGold Ashanti Ltd. +1.3%, Impala Platinum Holdings Ltd. +1.2%, Anglo American Platinum Ltd. +1.8%, Sibanye Stillwater Ltd. +0.9%, Harmony Gold Mining Co. +2.2%
• Among retailers, Spar Group Ltd. climbs 5.2% to the highest in more than three months after the company said its sales rose 12.4% in the 48 weeks to Aug. 28. An index of food and drug retailers climbs 1.1%
• Foreigners were net sellers of South African stocks Thursday, disposing 814 million rand worth of shares, according to exchange operator, JSE Ltd.

NEWS:

• South Africa Halts Easing Even as GDP, Inflation Outlook Cut

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