South Africa’s main stock index rises 0.5% as of 10:06 am, with benchmark giant Richemont the biggest contributor to the advance after a luxury industry peer’s expectation-beating fashion sales spurred gains in the sector.
Friday’s strength trims the market’s weekly decline to 0.3%, still set to drop for the first week in three.
Investors are also assessing President Cyril Ramaphosa’s plan to revive the coronavirus-battered economy, presented to lawmakers on Thursday.
Richemont rises as much as 2.6%, the biggest jump since Oct. 5, as competitor LVMH jumps the most in six months after the Louis Vuitton owner reported 3Q sales at its key fashion and leather-goods division that far exceeded expectations.
Naspers Ltd. advances 0.5% as partly owned Tencent Holdings Ltd. rises in Hong Kong.
Diversified miners Anglo American Plc, and BHP Group Plc lift index for mining stocks, which climbs 0.6%.
BHP +0.9%, Anglo American +1%, Sibanye Stillwater Ltd. +1.1%, AngloGold Ashanti Ltd. +0.7%, Impala Platinum Ltd. +0.9%, Northam Platinum Ltd. +1.7%, African Rainbow Minerals Ltd. +1.9%, Anglo American Platinum Ltd. +0.5%, Glencore Plc +1.2%
Foreigners were net sellers of South African stocks on Thursday, disposing of R1.36 billion worth of shares, according to exchange operator JSE Ltd.