South African Stocks Trim Best Week Since June; Richemont Gains
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South Africa’s main stock index is 0.2% lower as of 10:08 a.m. in Johannesburg, as banking shares take a breather from their recent rally to decline for the first day in six. The benchmark index has advanced 3.7% this week, set for the strongest performance since early June.
Global luxury retailer and market heavyweight Richemont is among the biggest contributors to this week’s gains, climbing 1.3% on Friday after a 5.9% jump in the previous session. Richemont has attracted some M&A speculation in the wake of the collapse of LVMH’s proposed acquisition of Tiffany.
- NOTE:Richemont Takeover Is Unlikely for the Time Being, ZKB Says
- Naspers Ltd., with a 18% weighting in the index, rises for a third day, up 1.6% to a one-week high, as the recovery in tech stocks lifts partly owned Tencent Holdings in Hong Kong.
- Stronger rand lifts food and drug retailers by 1.5%, while general retailers advance 0.2%
- Bid Corp Ltd. +1.8%, Shoprite Holdings Ltd. +2%, Clicks Group Ltd. +0.9%, Spar Group Ltd. +1.1%, Dis-Chem Pharmacies Ltd. +1.1%
- Foschini Group Ltd. +0.6%, Truworths International Ltd. +1%, Italtile Ltd. +0.6%, Massmart Holdings Ltd. +0.6%.
- NOTE:De Beers Sees Recovery in Rough Diamond Demand in Seventh Cycle
- Sub-index for gold stocks falls for the first day in three, down 1%; while platinum producers retreat 0.4%
- AngloGold Ashanti Ltd. -1.4%, Gold Fields Ltd. -1%, Sibanye Stillwater Ltd. -1.5%, Harmony Gold Mining Co. -2.3%, BHP Plc -0.1%, Anglo American Platinum Ltd. -0.2%, DRDGold Ltd. -1.2%, Impala PLatinum Holdings Ltd. -0.2%
- NOTE:Rand Volatility Rises After Whipsaw Week: Inside South Africa
- FirstRand Ltd. -3.1%, Standard Bank Group Ltd. -2.2%, Capitec Bank Holdings Ltd. -2.9%, Absa Group Ltd. -2.7%, Nedbank Group Ltd. -3%, Investec Plc -1.7%
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