South African Stocks Pare Gains in Early Trade, Mr Price Surges

South Africa’s main stock benchmark index briefly rises as much as 0.5% to the highest since Aug. 6, as index heavyweight Naspers Ltd. and gold producers recovered on a risk-on day.

FTSE/JSE Africa all share index pares gains to be little changed at 10:23 a.m in Johannesburg with 68 of the 141 listed companies advancing. Mr Price Group Ltd. rises for a second day, surging 6%, to the highest in two-weeks after the retailer published its first half earnings.

  • Index for general retailers rise 2.3%, while food and drug sellers +0.3%
    • Woolworths Holdings Ltd. +2.4%, Truworths International Ltd. +1.9%, Foschini Group Ltd. +1%, Motus Holdings Ltd. +1.4%, Pepkor Holdings Ltd. +0.4%
    • Bid Corp Ltd. +0.4%, Clicks Group Ltd. +0.5%, Pick n Pay Stores Ltd. +0.6%, Spar Group Ltd. +0.1%
  • Naspers, with a 19% weighting on the index, advances 0.2% to provide biggest boost to the index as partly owned Tencent Holdings Ltd, gains in Hong Kong.
  • Gold companies drive the index for resource stocks higher for a fifth consecutive session. FTSE/JSE Africa Mining index up 0.6% to the highest in mre than one week.
    • Sub-index for gold companies rise 2.2%, the biggest intraday jump in two weeks as disappointing U.S. data drives bullion prices higher.
      • Gold Fields Ltd +2.3%, AngloGold Ashanti Ltd. +1.9%, Harmony Gold Mining Co. +3.3%, DRDGold Ltd. +4.1%, Pan African Resources Plc +2.7%
    • Platinum companies up 1.6%
      • Sibanye Stillwater Ltd. +1.7%, Anglo American Platinum Ltd. +2.6%, Impala Platinum Holdings Ltd. +1.4%, Northam Platinum Ltd. +1.1%, Royal Bafokeng Platinum Ltd. +0.6%
    • Diversified miners BHP Group Plc -0.1%, Anglo American Plc -0.1%
  • Life Healthcare Group Holdings Ltd. falls 0.3% as company sells Scanmed in Poland to Abris Capital Partners, a central European private equity fund manager.
  • Foreigners remained net sellers of South African stocks for an eight consecutive day Wednesday, disposing of 203 million rand worth of shares, according to exchange operator JSE Ltd.

NEWS:

  • South African Treasury Calls Off Bond Switch Auction Program

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