South Africa’s main stock index gains 0.5% by 9:37 a.m. in Johannesburg with Gold Fields Ltd. and AngloGold Ashanti Ltd. leading the advance as a weaker dollar boosts bullion and other metals prices. Banking stocks are supported by a stronger rand.
South Africa joins global peers in rising Friday as risk sentiment is bolstered by the White House’s signal that the Trump administration is again leaning toward a large-scale stimulus bill. Friday’s gains set the benchmark on course for a second week, with gauge up 1.1% since Monday.
- Gauge of mining stocks rises for a third day, up 1.7% to the highest in more than a week.
- Sub-index of gold stocks rises for the second day, up 3.5% in the biggest intraday gain in more than three weeks as bullion prices jump after U.S. stimulus shift prompts dollar weakness.
- Platinum firms +2.3%
- Index of bank stocks rises 0.3% as the rand extends gains to a third day as the dollar weakens.
- Standard Bank Group Ltd. +0.2%, Investec Plc +1.1%, Absa Group Ltd. +0.4%, Nedbank Group Ltd. +0.4%
- Foreigners remained net sellers of South African stocks for a fifth day Thursday, disposing of 1.88 billion rand worth of shares, according to exchange operator JSE Ltd.