adminUnprecedented demand for online services and entertainment during Covid-19 pandemic lockdowns, along with a scramble for haven investments, have helped set South African stocks on course for a record month.
The benchmark index in Johannesburg is up 14 percent in April as of Wednesday’s close, the most in any month since Bloomberg began tracking the gauge in 1995.
Global equity markets are rising as investors assess plans by countries to restart activity and amid signs of progress in treating the coronavirus, but South African stocks have outpaced their emerging-market peers.
Naspers has been the biggest contributor to April’s gains, with the Cape Town-based tech investor advancing to record highs as it benefits from its 31 percent stake in Chinese internet giant Tencent. AngloGold Ashanti (JSE:ANG) and Gold Fields are also among leading market drivers as bullion heads for its best month since 2016, thanks to its allure as a store of value. — Bloomberg.
Online Reporter