Business: South African stocks of banks aided by rand gains edge higher

Last updated on September 11th, 2021 at 08:20 am

South Africa’s main stock index advance 0.2% by 9:45 a.m. in Johannesburg as a stronger rand boosts shares in banks and gains for diversified miners counter weakness in gold and platinum producers.

Investors will be keeping an eye on developments around a national strike called Wednesday by unions representing workers across a range of industries, to highlight a litany of grievances, including job losses, an inadequate public transport system, corruption and state spending curbs.

Rising iron ore prices lift diversified miners, countering weakness from precious metals producers, lifting the gauge for mining stocks by 0.2%.

Foreigners remained net sellers of South African stocks for a third day Tuesday, disposing of 1.06 billion rand worth of shares, according to index operator, JSE Ltd.

(IOL)