South African Stocks Close Higher for Third Day As Rand Strengthens

JOHANNESBUG (Capital Markets in Africa) – FTSE/JSE Africa All Share Index climbs 0.7% on Tuesday, extending gains to eight-week high. Positive sentiment around political affairs strengthened currency, leading banks and insurers to climb.

• Biggest gainers by percentage: Royal Bafokeng (+9.4%), MMI (+3.9%), Consolidated Infrastructure (+7%), RCL (+6.9%), Clover (+6.8%)
• Biggest laggers by percentage: Net1 (-10.2%), Kumba (-6.9%), Grindrod (6.1%), Capital & Regional (-5.5%), Allied Electronics (-5.4%), Trustco (-5.3%), Impala (-4.2%)
• Rand climbed as much as 0.9% to 12.1945/USD, strongest level since June 2015; trades 0.3% higher at 12.2664/USD by 17:17pm in Johannesburg
• News:
  • S. Africa Tribunal Approves RBPlat-Maseve Merger W/Conditions
  • South African Reserve Bank Appoints Fundi Tshazibana to MPC
  • Rand at a Crossroads as Key Levels to Determine Rally’s Future
  • Diamond Trade Turns to Technology That Keeps Bitcoin Anonymous
  • Gigaba Meets S. Africa Eskom’s Lenders on Financial Challenges
  • Matalan Markets Sterling Debt After Dodging New Look Retail Woes
  • Iron Will Sink to $50 as Barclays’s Davis Warns Slump ‘Imminent’
  • Foschini Group Dec. Turnover Growth 31%; Above Its Expectations
  • De Beers to Start Blockchain Platform Tracking Gems This Year
  • South African Mining Output Rises 6.5% y/y in Nov.; Est. 5.1%
  • Grindrod Seeks to List Shipping Unit Before End-1H 2018
  • Harmony on Track to Meet Gold Production Guidance of 1.1m OZ
  • Copper Downside Risks Remain in Near Term in 2018, Liberum Says
  • MMI Brings Back Meyer as CEO to Reverse Drop as Kruger Exits
  • South Africa Grants Jordaan’s Bank Zero a Provisional License