Skip to content

Roaring Miners and Banks Set South African Stocks on Path to Record

  • Gold producers gain on haven demand; rates outlook lifts banks
  • South African stocks are outperforming developing peers

South African stocks headed for a record close as industrial metals producers led gains, while gold miners climbed thanks to haven demand for bullion and bank shares hit the highest since July 2019.

The benchmark FTSE/JSE Africa All Share Index rose 0.9% to 76,368 as of 3:12 p.m. in Johannesburg. Mining giants BHP Group Ltd. and Anglo American Plc were the biggest drivers of the advance. Gold Fields Ltd. and AngloGold Ashanti Ltd. boosted the precious-metals sector, while FirstRand Ltd. outpaced fellow lenders.