Tuesday , September 29 2020

South Africa stocks rise on vaccine hopes

Bloomberg

South Africa’s main stock index gains 0.4% by 9:49 am in Johannesburg, advancing for the sixth consecutive day, the longest streak of gains since January, as signs of progress toward a virus vaccine lifts risk appetite, driving markets higher.
More than 50% of the listed South African companies climb, with the four biggest stocks — Naspers Ltd., Anglo American Plc, BHP Group Plc and Richemont, which make up 46% of local market capitalisation — leading the advance.
Investor focus will be on central banks this week, with the US Federal Reserve expected to maintain its dovish stance on policy as investors look for signs the global economy is recovering from the pandemic, while the South African Reserve Bank has analysts and traders divided about prospects for another rate cut. Seven of 12 economists in a Bloomberg survey predict the central bank will cut the repo rate by 25 basis points to a record low 3.25%. The other five see rates on hold, while money markets are pricing about a one-in-three probability of a 25-point cut.
Naspers advances for a fourth session, rising 1.5% to its highest in more than a week as a resumption of the tech rally lifts partly owned Tencent Holdings Ltd., in Hong Kong. Naspers subsidiary Prosus NV advances 1.7%.

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