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South African stocks rise as vaccine news boosts risk appetite

South African stocks rise as vaccine news boosts risk appetite

Photo by Bloomberg

2nd September 2020

By: Bloomberg

  

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South Africa’s main stock index gains for a second day, rising 0.4% by 10 am in Johannesburg, as reports that a Covid-19 vaccine may be available earlier than expected drives risk appetite higher.

The biggest listed companies, Naspers Ltd., Richemont, and Anglo American Plc, led gains, with the market shaking off declines in more than half of the 150 listed companies, including from gold miners and Old Mutual Ltd.

Sentiment got a boost from data showing US manufacturing expanded last month at the fastest pace since 2018 and Chinese factory data signalling rising global demand for exports, a sign the world economy is recovering from the pandemic.

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Edited by Bloomberg

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