South African stocks near seven-month high as Richemont SA, miners report solid gains


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South African stocks near seven-month high as Richemont SA, miners report solid gains

On Friday, the 17th of January 2020, a slew of South African stocks winded down the day with solid gains, while a bundle of S. African shares’ prices jumped near their seven-month highs over gains of heavyweight luxury retailer Richemont SA alongside mining firms, however, the South African Rand dropped against a reinvigorated American dollar following release of an upbeat US Housing starts figure that hit a 13-year-peak last month alongside a pick-up in US factory activity for second straight month in a row.

In factuality, South Africa’s Top-40 index (SA40) gained 1.48 per cent to 52,735.75 on Friday’s (January 17th) market closure and the Johannesburg all-share index soared 1.35 per cent to 59,001, a level never witnessed since June 24th, almost entirely boosted by a 5.82 per cent rise of the world’s second-largest fashion luxury group, Richemont SA, following a robust third-quarterly earnings’ report, while South African mining index added 2.66 per cent amid a torrential high-tide dive of gold, platinum and iron ore futures’ prices.

On top of that, apart from an amped up precious metal futures’ prices, South African bourse had also attained a psychological boost from an ease of a global-scale slowdown fear following Friday’s (January 18th) Chinese data revealing the world’s second-largest economy’s resilience despite a 29-year-low economic growth figure.