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Bloomberg
South Africa’s main stock benchmark traded broadly neutral in Johannesburg, as gains by index giants Naspers Ltd, BHP Group Plc, Richemont, which make up 40% of market capitalisation, offset weakness among precious metal miners and banks.
103 of the 142 listed companies traded lower in the morning. Before the index falls for five consecutive sessions, the longest losing streak since May 2019.
South Africa’s negative performance since last week falls in line with markets in Asia and Europe, as investors weigh the dimming outlook for further US fiscal stimulus, rising Covid-19 cases in a number of nations
and expected market volatility around the presidential election. US-China tensions are also simmering, with doubts emerging over whether Oracle Corp.’s deal with TikTok will win US and
Chinese government assent.
The rand falls for a third day, dragging the index for bank stocks down 1%. Banking stocks have been sliding for four straight sessions, the longest losing streak since June 24.
Foreigners were net sellers of South African stocks for a third day, disposing of 962 million rand worth of shares, according to index operator, JSE Ltd.