South African stocks hit a 20-month high

0:00
play article
Subscribers can listen to this article
The JSE building in Sandton. Photo: Elvira Wood
The JSE building in Sandton. Photo: Elvira Wood

South Africa’s main stock index advanced for a fourth consecutive day to the highest intraday level since April 2019, with Anglo American [JSE:AGL] jumping to a 12-year high and strength in the rand lifting banks.

The FTSE/JSE Africa All Shares Index was up 0.6% as of 10:20 am in Johannesburg. Anglo American climbed 0.7% to the highest since July 2008 after an update from Kumba Iron Ore [JSE:KIO], which gained 1.4%.

The risk-on sentiment was evident in early trade, with 112 of the 141 index members advancing, and only 17 lower. Friday’s strength helped propel the FTSE/JSE Africa All Share index to a second week of gains, rising 2.7% since Monday, and extend the annual increase to 4%.

Meanwhile, global equities remain around record highs as investors bet that positive vaccine developments can help sustain an economic recovery next year. Uncertainty remains about a US stimulus package, where a bipartisan proposal endorsed by Democratic leaders as a basis for negotiations is luring increased interest from Republicans, lifting the chances for a deal by year-end.

  • Gauge for mining stocks climbs for a fourth day, up 0.6%.

BHP Group +0.7%, Anglo American Platinum [JSE:AMS] +2%, Exxaro Resources [JSE:EXX] +2.3%, Impala Platinum [JSE:IMP] +0.9%, Sibanye Stillwater +0.5%, African Rainbow Minerals +1%, Glencore [JSE:GLN] +0.4%

  • Index for bank stocks rises for a fourth day, the longest winning streak since October 2. Banks up 1.6% as the rand strengthens

FirstRand [JSE:FSR] +2.2%, Standard Bank Group [JSE:SBK] +2.1%, Absa Group +1.9%, Nedbank Group [JSE:NED]+1.7%, Capitec Bank Holdings [JSE:CPI] +0.6%, Investec [JSE:INL] +1.5%

  • Insurers +2.4%

Sanlam [JSE:SLM] +2.8%, Discovery [JSE:DSY]+2.7%, Old Mutual +2%, Momentum Metropolitan Holdings +1.2%, Liberty Holdings [JSE:LBH] +2%

Foreigners were net sellers of South African stocks Thursday, disposing 285 million rand worth of shares, according to exchange operator JSE.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.07
(-0.20)
ZAR/GBP
20.71
(-0.22)
ZAR/EUR
18.32
(-0.15)
ZAR/AUD
11.66
(-0.08)
ZAR/JPY
0.15
(-0.15)
Gold
1851.62
(+0.05)
Silver
25.42
(+0.07)
Platinum
1092.50
(-0.23)
Brent Crude
55.81
(-0.07)
Palladium
2303.00
(+0.17)
All Share
63759.73
(-0.26)
Top 40
58565.18
(-0.26)
Financial 15
11785.40
(+0.39)
Industrial 25
86834.77
(-0.08)
Resource 10
61445.34
(-0.76)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 748 votes
No, I did not.
52% - 1867 votes
My landlord refused
28% - 996 votes
Vote