{"id":494283,"date":"2021-05-28T12:13:25","date_gmt":"2021-05-28T10:13:25","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=494283"},"modified":"2021-05-28T12:13:25","modified_gmt":"2021-05-28T10:13:25","slug":"south-african-stocks-set-for-longest-winning-streak-in-8-years","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/494283\/south-african-stocks-set-for-longest-winning-streak-in-8-years\/","title":{"rendered":"South African stocks set for longest winning streak in 8 years"},"content":{"rendered":"

South Africa\u2019s main stock gauge climbed for a fourth day, rising 0.5% by 09h46 in Johannesburg, as gains by iron ore producers, Richemont and banks countered weakness in gold and platinum producers and local market giant Naspers.<\/p>\n

The key index is poised for its longest streak of monthly advances for eight years.<\/p>\n

The Johannesburg benchmark tracked peers in Asia, which climbed after solid economic data and President Joe Biden\u2019s federal spending plans spurred a Wall Street rally in cyclical shares.<\/p>\n

US data included a drop in jobless claims to a fresh pandemic low. Friday\u2019s move took the weekly rise in the South African gauge to 1.5%, set to climb for the first week in three.<\/p>\n

With one trading session left after today for May, the FTSE\/JSE Africa All Share Index is poised to rise for a seventh consecutive month, the longest such winning streak since the start of 2013.<\/p>\n

\"\"<\/a><\/p>\n

Index heavyweight Richemont advanced for a seventh consecutive day, climbing 1.8% to a fresh record. Industrial miners gained 1.1% to the highest level in a week amid renewed optimism around prospects for economic growth.<\/p>\n

An index of bank stocks advance for a fourth day, up 1.5% to the highest since 5 March.<\/p>\n

Naspers dropped for a second day, down 0.3% to cause the biggest drag to the index, as partly owned Tencent Holdings Ltd. retreated in Hong Kong. Naspers subsidiary, Prosus NV, which holds the company\u2019s 29% stake in Tencent, fell 0.4%<\/p>\n

The latest gains for the South African benchmark came despite foreigners remaining net sellers of local equities for a fourth day Thursday, disposing of R2.75 billion ($200 million) worth of shares, according to exchange operator JSE.<\/p>\n

Those are the second-highest outflows since the year began. Foreigners have dumped R6.6 billion of Johannesburg stocks since Monday.<\/p>\n

\n

Read: Tito Mboweni on more bailouts for Eskom and other state companies<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s main stock gauge climbed for a fourth day, rising 0.5% by 09h46 in Johannesburg, as gains by iron ore producers, Richemont and banks countered weakness in gold and platinum producers and local market giant Naspers.<\/p>\n","protected":false},"author":59,"featured_media":118716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26],"class_list":["post-494283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/494283","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=494283"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/494283\/revisions"}],"predecessor-version":[{"id":494289,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/494283\/revisions\/494289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/118716"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=494283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=494283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=494283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}