Thu, 29 Oct 2020

SA stocks gain as Richemont gets luxury peer boost

16 Oct 2020, 20:13 GMT+10

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.

Source: News24

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