SA’s main index halts rally

23 Oct, 2020 - 12:10 0 Views
SA’s main index halts rally

eBusiness Weekly

South Africa’s main stock index halted a two-day rally, after falling 0.4 percent yesterday, as Sasol Ltd. joined diversified miners and gold producers in dragging the benchmark FTSE/JSE Africa All Share lower.

Standard Bank Group Ltd. falls 0,9 percent, weighing on the banking index, after the company gave an update on its performance in the first nine months of 2020, and said it sees annual cost growth outpacing gains in revenue.

Standard Bank’s peers in the index for bank stocks retreated 0,8 percent, also pulled lower by the weaker rand

Nedbank Group Ltd. -1.6 percent, Investec Plc -1,1 percent, Absa Group Plc -1,1 percent, Absa -0,8 percent

BHP Group Plc dropped 2,3 percent to lead the gauge of mining stocks lower, with index falling 2 percent to the lowest in more than a week.

Anglo American Plc -1.6 percent, Sibanye Stillwater Ltd. -2,2 percent, Gold Fields Ltd. -1,1 percent, AngloGold Ashanti Ltd. -0,9 percent, Harmony Gold Mining Co. -2,3 percent, Impala Platinum Holdings Ltd. -0,8 percent, Anglo American Platinum Ltd. -0,5 percent

Sasol Ltd. fell as much as 4,5 percent, to the lowest since June 1, after OPEC+ warned of a precarious outlook for the oil market as a resurgent virus hits consumption.

Index heavyweight Richemont was up 1,5 percent to provide the biggest boost to the index. Fellow market giant Naspers Ltd. gains 0,7 percent.

Tiger Brands Ltd. jumped as much as 6,3 percent, touching the highest since November, after being raised overweight by Morgan Stanley.

Foreigners remained net sellers of South African stocks for a fourth consecutive session on Monday, disposing of R92 million worth of shares, according to exchange operator JSE Ltd. Bloomberg.

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