Bloomberg
South African Stocks Set for Longest Winning Streak Since 2013
(Bloomberg) — South Africa’s main stock gauge climbed for a fourth day, rising 0.5% by 9:46 a.m. in Johannesburg, as gains by iron ore producers, Richemont and banks countered weakness in gold and platinum producers and local market giant Naspers Ltd. The key index is poised for its longest streak of monthly advances for eight years.The Johannesburg benchmark tracked peers in Asia, which climbed after solid economic data and President Joe Biden’s federal spending plans spurred a Wall Street rally in cyclical shares. U.S. data included a drop in jobless claims to a fresh pandemic low. Friday’s move took the weekly rise in the South African gauge to 1.5%, set to climb for the first week in three. With one trading session left after today for May, the FTSE/JSE Africa All Share Index is poised to rise for a seventh consecutive month, the longest such winning streak since the start of 2013.Index heavyweight Richemont advanced for a seventh consecutive day, climbing 1.8% to a fresh record.Industrial miners gained 1.1% to the highest level in a week amid renewed optimism around prospects for economic growth.Anglo American Plc +1.2%, BHP Group Plc +0.7%, Glencore Plc +1.7%An index of bank stocks advance for a fourth day, up 1.5% to the highest since March 5.FirstRand Ltd. +1.1%, Nedbank Group Ltd. +5.6%, Standard Bank Group Ltd. +1.7%, Capitec Bank Holdings Ltd. +1/1%, Absa Group Ltd. +1.4%,Naspers dropped for a second day, down 0.3% to cause the biggest drag to the index, as partly owned Tencent Holdings Ltd. retreated in Hong Kong. Naspers subsidiary, Prosus NV, which holds the company’s 29% stake in Tencent, fell 0.4%An index of precious metals producers dropped 0.5% as gold and platinum prices slipped.Gold Fields Ltd. -1.9%, AngloGold Ashanti Ltd. -1.2%, Harmony Gold Mining Co. -1.3%, Impala Platinum Holdings Ltd. -0.1%The latest gains for the South African benchmark came despite foreigners remaining net sellers of local equities for a fourth day Thursday, disposing of 2.75 billion rand ($200 million) worth of shares, according to exchange operator JSE Ltd. Those are the second-highest outflows since the year began. Foreigners have dumped 6.6 billion rand of Johannesburg stocks since Monday.For a daily wrap highlighting the biggest movers among EMEA stocks, click hereYou want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
