South African stocks climb as haven demand boosts gold miners
South African stocks advanced for a second day, boosted by gold producers as demand for haven assets supported bullion prices amid the latest news on the coronavirus pandemic.
The main Johannesburg stock index was 0.4% higher as of 9:36 a.m., after climbing 1.8% in the first trading session of 2021.
While global coronavirus infections topped 85-million, South Africa’s government has drawn criticism over its vaccine rollout plan, with unions and medical groups among those to have expressed concern about the sluggishness of the state’s response amid a resurgence in cases, hospitalisations and deaths.
AngloGold Ashanti gained 3.1% and Gold Fields was 3.6% higher as bullion traded near an eight-week high. Harmony Gold Mining rose 3.5%. The index of local gold stocks advanced 3%, adding to Monday’s 7.7% jump, the biggest increase in more than two months.
Benchmark giants Naspers and Richemont contributed the most to the main index’s gain on Tuesday, with the global tech investor rising 1.8% and the luxury retailer adding 0.5% after the New York Stock Exchange said it will no longer delist China’s three biggest state-owned telecommunications companies, backtracking on a plan that had threatened to escalate tensions between the world’s largest economies.
Sasol dropped 3% as oil extended losses after OPEC+ talks were unexpectedly suspended due to a disagreement over whether to raise output in February.
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