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Bloomberg
South Africa’s main stock index halts a two-day slump, rising 1.4% by 9:54 am in Johannesburg, as dollar weakness lifts the rand, driving locally focused stocks like insurers, financials and retailers
Miners extend gains for a third day, rising as sustained demand from Chinese mills lifted iron ore prices, and as greenback weakness drives bullion back towards $2,000 an ounce. Chinese manufacturing data indicated that
exports are underpinning a recovery.
Johannesburg’s benchmark index ended 0.4% lower, snapping a winning run of four month-on-month gains. BHP Group rises1.8%, Anglo American Plc surges to 2.2%, AngloGold Ashanti Ltd. gains 4.3% and Gold Fields Ltd. rises 3.6%.
Sibanye Stillwater surges to 3.4%, and Impala Platinum Holdings rises by 2.9%, Anglo American Platinum Ltd. advances by 2.8% and Harmony Gold Mining Co. Ltd. gains2.9% on Tuesday.
Africa’s biggest listed company, Naspers Ltd. halts a two-day slide, rising 2.1%, to provide the biggest boost to the index. Gains come as tech giant Tencent Holdings Ltd, in which Naspers has a 31% stake, rises in Hong Kong.
Old Mutual Ltd. halts five-day slide, gains 0.3%, after posting a 67% decline in profit in the first half to June, and scrapped the company scraps its dividend citing high levels of uncertainty caused by the coronavirus pandemic.
Foreigners were net sellers of South African stocks for a second day, disposing of 5.66 billion rand worth of shares, according to exchange operator JSE Ltd. That’s the largest outflow since May 29.