South African Stocks Gain as Richemont Gets Luxury Peer Boost
South African Stocks Gain as Richemont Gets Luxury Peer Boost
South Africa’s main stock index rises 0.5% as of 10:06 a.m., with benchmark giant Richemont the biggest contributor to the advance after a luxury industry peer’s expectation-beating fashion sales spurred gains in the sector. Friday’s strength trims the market’s weekly decline to 0.3%, still set to drop for the first week in three.
Investors are also assessing South African President Cyril Ramaphosa’s plan to revive the coronavirus-battered economy, presented to lawmakers Thursday.
Richemont rises as much as 2.6%, the biggest jump since Oct. 5, as competitor LVMH jumps the most in six months after the Louis Vuitton owner reported 3Q sales at its key fashion and leather-goods division that far exceeded expectations.
- NOTE: LVMH Soars After 3Q Fashion Sales Beat, Lifting Luxury Stocks
- NOTE: Richemont to Proceed With Issuance of Warrants to Shareholders
Naspers Ltd. advances 0.5% as partly owned Tencent Holdings Ltd. rises in Hong Kong.
Diversified miners Anglo American Plc, and BHP Group Plc lift index for mining stocks, which climbs 0.6%
- BHP +0.9%, Anglo American +1%, Sibanye Stillwater Ltd. +1.1%, AngloGold Ashanti Ltd. +0.7%, Impala Platinum Ltd. +0.9%, Northam Platinum Ltd. +1.7%, African Rainbow Minerals Ltd. +1.9%, Anglo American Platinum Ltd. +0.5%, Glencore Plc +1.2%
Foreigners were net sellers of South African stocks Thursday, disposing of 1.36 billion rand worth of shares, according to exchange operator JSE Ltd.
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