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South African Stocks Climb as AngloGold, Gold Fields Lead Gains
South African Stocks Climb as AngloGold, Gold Fields Lead Gains
10 Oct 2020, 12:17 AM IST
(Bloomberg) --
South Africa’s main stock index gains 0.5% by 9:37 a.m. in Johannesburg with Gold Fields Ltd. and AngloGold Ashanti Ltd. leading the advance as a weaker dollar boosts bullion and other metals prices. Banking stocks are supported by a stronger rand.
South Africa joins global peers in rising Friday as risk sentiment is bolstered by the White House’s signal that the Trump administration is again leaning toward a large-scale stimulus bill. Friday’s gains set the benchmark on course for a second week, with gauge up 1.1% since Monday.
- Gauge of mining stocks rises for a third day, up 1.7% to the highest in more than a week.
- Sub-index of gold stocks rises for the second day, up 3.5% in the biggest intraday gain in more than three weeks as bullion prices jump after U.S. stimulus shift prompts dollar weakness.
- NOTE: Gold Climbs as Dollar Drops on U.S. Stimulus Shift
- Gold Fields +4.1%, AngloGold Ashanti +3.2%. Harmony Gold Mining Co. +3.2%, Pan African Resources Plc +2.3%, DRDGold Ltd. +1.9%
- Sub-index of gold stocks rises for the second day, up 3.5% in the biggest intraday gain in more than three weeks as bullion prices jump after U.S. stimulus shift prompts dollar weakness.
- Platinum firms +2.3%
- Impala Platinum Holdings Ltd. +3.7%, Sibanye Stillwater Ltd. +2.7%, Northam Platinum Ltd. +1.8%, Anglo American Platinum Ltd. +1.4%, Royal Bafokeng Platinum Ltd. +2.5%
- Diversified mines Anglo American Plc +1%, BHP Group +0.6%, African Rainbow Minerals Ltd. +1.1%, Glencore +0.4%
- Index of bank stocks rises 0.3% as the rand extends gains to a third day as the dollar weakens.
- Standard Bank Group Ltd. +0.2%, Investec Plc +1.1%, Absa Group Ltd. +0.4%, Nedbank Group Ltd. +0.4%
- Foreigners remained net sellers of South African stocks for a fifth day Thursday, disposing of 1.88 billion rand worth of shares, according to exchange operator JSE Ltd.
©2020 Bloomberg L.P.
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