S. Africa Stocks Set for Best Week Since June as Richemont Gains
South Africa’s main stock index climbs 0.4% as of 11:40 a.m. in Johannesburg. The benchmark index has advanced 4.3% this week, and is set for the strongest performance since early June.
Global luxury retailer and market heavyweight Richemont is the biggest contributors to the gains, surging 2.7% on Friday after a 5.9% jump in the previous session. Richemont has attracted some M&A speculation in the wake of the collapse of LVMH’s proposed acquisition of Tiffany.
- NOTE: Richemont Takeover Is Unlikely for the Time Being, ZKB Says
- Naspers Ltd., with a 18% weighting in the index, rises for a third day, up 0.8%, as the recovery in tech stocks lifts partly owned Tencent Holdings in Hong Kong.
- Stronger rand boosts retailers, with Bid Corp Ltd. +2.8%, Shoprite Holdings Ltd. +2.9% and Woolworths Holdings Ltd. +1.7%.
- Among miners, Anglo American Plc rises 1.4% to be third-biggest contributor to the overall gains after subsidiary De Beers says it sees recovery in diamond demand
- NOTE: De Beers Sees Recovery in Rough Diamond Demand in Seventh Cycle
- Index of mining stocks is 0.6% higher after erasing earlier losses.
- Index of banks stocks snaps five days of gains to fall 1.7%
- NOTE: Rand Volatility Rises After Whipsaw Week: Inside South Africa
- Capitec Bank Holdings Ltd. -2.8%, FirstRand Ltd. -2.5%, Nedbank Group Ltd. -2.3%
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