SA stocks gain as Richemont gets luxury peer boost

News24
16 Oct 2020, 15:43 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

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.

More Information

null in null

Lifestyle

Section

Terrorism anywhere is threat to peace everywhere, says EAM at inauguration of 'The Human Cost of Terrorism' exhibition

New York [US], July 1 (ANI): External Affairs Minister S Jaishankar on Monday inaugurated an exhibition at the United Nations on 'The...

"BJP never does politics on such issues, will fully cooperate in relief activities": G Kishan Reddy on Telangana chemical factory blast

Hyderabad (Telangana) [India], June 30 (ANI): Union Minister and Telangana BJP chief G Kishan Reddy on Monday offered full support...

Amit Shah condoles loss of lives in Telangana chemical factory blast

New Delhi [India], June 30 (ANI): Union Home Minister Amit Shah on Monday expressed sadness over the blast at a chemical factory in...

Mizoram CM attends Drug Disposal Programme in Aizawl, stresses importance of building robust support systems

Aizawl (Mizoram) [India], June 30 (ANI): The Central Young Mizo Association and Central Anti-Drugs Squad (CADS) on Monday organised...

From Zaheer to Zeeshan: Adeeba Baloch's family destroyed by state violence as Sammi Deen calls Pakistan a rogue regime

Balochistan [Pakistan], June 30 (ANI): Adeeba Baloch, daughter of forcibly disappeared Baloch activist Zaheer Baloch, staged a late-night...

Israel PM Netanyahu says 'many opportunities have opened up' after Iran operation; hints at shift in hostage strategy

Tel Aviv [Israel], June 30 (ANI): Prime Minister Benjamin Netanyahu on Sunday said 'many opportunities have opened up' following Israel's...

International

Section