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SA stocks fall as weak miners eclipse rising banks

South Africa’s most important stock benchmark drops for a fourth day, falling 0.2% by 9:42 a.m. in Johannesburg, with weak point in index large Naspers, and a downturn in miners countering a resurgence in banks and good points in heavyweight Richemont.

Naspers, with an 18% weighting on the index, falls for a second day, down 0.5% to offer the most important drag to the index, as partly owned Tencent retreats in Hong Kong.


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BHP (-0.7%) leads 0.4% drop within the index for mining stocks.

Sub-index for gold firms falls for a second day, down 1.9%, as the rand value of bullion drops to the bottom since March 20.

AngloGold Ashanti -1.5%, Gold Fields -1%, Harmony Gold Mining -3.1%, Pan African Resources -2.1%, DRDGold -1.7%.

Index for platinum firms up 0.1%.

Impala Platinum +0.7%, Northam Platinum +0.8%, Anglo American Platinum +0.5%.

Sibanye Stillwater -0.5%, Royal Bafokeng Platinum -1.3%.

Richemont extends good points to a second day, rising 0.6% to offer greatest enhance to the index.

Index for financial institution stocks up 0.4% as the rand strengthens. Fitch Ratings upgraded the 5 listed banks, saying they’ve important headroom to face up to present pressures on the working surroundings.

Standard Bank +0.4%, Nedbank +3%, Capitec Bank +0.1%, Absa +0.6%, FirstRand +0.2%.

Foreigners remained internet consumers of South African stocks for a twelfth consecutive day Tuesday, buying R1.02 billion price of shares, in keeping with trade operator JSE Ltd.

© 2020 Bloomberg

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