{"id":537306,"date":"2021-11-12T14:23:17","date_gmt":"2021-11-12T12:23:17","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=537306"},"modified":"2021-11-12T14:24:55","modified_gmt":"2021-11-12T12:24:55","slug":"south-african-stocks-hit-all-time-high-on-richemont-surge","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/537306\/south-african-stocks-hit-all-time-high-on-richemont-surge\/","title":{"rendered":"South African stocks hit all-time high on Richemont surge"},"content":{"rendered":"

South African stocks rallied to a record on Friday, driven by sharp gains in Richemont, after the luxury giant\u2019s earnings beat.<\/p>\n

The benchmark FTSE\/JSE Africa All Share Index rose 1.1% to a record 69,906.47 as of 13h00 in Johannesburg. Richemont, the largest stock in the index, soared as much as 10%.<\/p>\n

A bout of weakness in the local currency added to its allure, along with fellow so-called rand hedges Naspers, Prosus NV and British American Tobacco, which were also among the leading gainers.<\/p>\n

\u201cAll of these benefit from a weaker rand, which is why we are also seeing selected sectors such as local-facing financials come under pressure as money is shifted toward rand-hedge shares.” Unum Capital strategist Lester Davids said in emailed comments. The rand steadied after sliding as much as 1.6% against the dollar Thursday.<\/p>\n

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

The main South African index has now recovered more than 80% from the lockdown-induced lows plumbed in March 2020 as investors bet on an economic recovery from the pandemic.<\/p>\n

Sentiment also got a boost this week from Finance Minister Enoch Godongwana\u2019s medium-term budget speech, with Avior Capital Markets saying investors responded positively to his pledges to accelerate reforms to bolster the economy, while reining in debt.<\/p>\n

“The JSE welcomes reforms to diversify energy generation to alleviate electricity supply shortages and other steps being taken toward a more competitive energy market,” Leila Fourie, chief executive of bourse operator JSE, said in emailed comments Friday.<\/p>\n

“Further reforms related to a spectrum auction and tourism as well as a commitment to a green transition will be positive for an economic recovery.”<\/p>\n

\n

Read: Expect an interest rate hike in November as South Africa faces headwinds in 2022<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South African stocks rallied to a record on Friday, driven by sharp gains in Richemont, after the luxury giant\u2019s earnings beat.<\/p>\n","protected":false},"author":59,"featured_media":200026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[13081,26],"class_list":["post-537306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-compagnie-financiere-richemont","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/537306","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=537306"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/537306\/revisions"}],"predecessor-version":[{"id":537318,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/537306\/revisions\/537318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/200026"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=537306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=537306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=537306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}