SA stocks extend record – Moneyweb

The important South African stock index prolonged its advance to a fourth day, including to Wednesday’s record shut and monitoring strikes in most Asian markets amid expectations that U.S. President-elect Joe Biden has a clearer path to boosting fiscal stimulus after key elections.

The FTSE/JSE Africa All Shares Index rose 0.4% as of 9:46 a.m. in Johannesburg. An index of mining stocks superior for a fourth day to an all-time excessive, with diversified giants BHP Group Plc, which gained 1.5%, and Anglo American Plc, up 1.4%, contributing essentially the most factors to the broader benchmark. Platinum producers prolonged their rally, led by Anglo American Platinum Ltd.’s 4.2% surge.


Subscribe for full entry to all our share and unit belief information instruments, our award-profitable articles, and assist high quality journalism within the course of.

The Democrats’ victory in two key Georgia runoffs provides them management of the U.S. Senate and has reignited the so-known as reflation commerce that bets on a world recovery from the pandemic. The rand gained for the primary day in 5 as buyers took coronary heart from the Democrat Senate win, offsetting native information together with South Africa’s record variety of new Covid-19 instances and a contemporary spherical of electrical energy cuts.

The stronger home foreign money boosted banks, with FirstRand Ltd., up 0.8%, and Standard Bank Group Ltd., up 1.1%, additionally amongst key stocks driving the market larger.

South African stocks’ cost to all-time highs has triggered a sign that the rally could also be overdone. The 14-day relative energy indicator on the benchmark index has climbed past 70, a degree regarded by some analysts as warning that the market might have risen too quickly and be poised for a retreat.

Weakness in tech investor Naspers Ltd. and its unit Prosus NV curbed features within the broader benchmark after experiences that the Trump administration might bar investments in China’s two most useful corporations, Alibaba Group Holding Ltd. and Tencent Holdings Ltd. Naspers, which holds a 31% stake in Tencent by Prosus, fell 2.2% as its subsidiary retreated 2.6%. Tencent slid 3.5% in Hong Kong.

© 2021 Bloomberg L.P.


div id="taboola-below-article-thumbnails">
Back to top button