South African Stocks Hold Steady as Market Awaits Fed Decision

South Africa’s main stock benchmark was little changed in early trading on Wednesday as weakness in banks and index heavyweight Richemont countered gains in miners and index giant Naspers Ltd.

Investors are awaiting the conclusion of a Federal Reserve meeting to gauge the extent of central bank support for the economic recovery. The Fed isexpected to maintain its dovish stance after earlier saying it will shift to a more relaxed approach on inflation. Central bank stimulus has been shoring up sentiment in the face of risks from the pandemic, the U.S. presidential election and the possibility of a no-deal Brexit.

  • Diversified miners BHP Group Plc and Anglo American Plc lead the gauge for resource stocks, up 1%
  • BHP rises 1.7% after the miner says it will benefit most from a global shift toward faster and more dramatic measures to address climate change, and aims to profit from doing so itself.
    • NOTE:Top Miner BHP Sees Profit in a World Speeding Up Climate Action
    • Anglo American +0.9%, Anglo American Platinum Ltd. +3.3%, Impala Platinum Holdings Ltd. +1.4%, Northam Platinum Ltd. +1.8%, Gold Fields Ltd. +0.5%, Exxaro Resources Ltd. +2.1%
    • NOTE:Richemont Cut to Sell at SBG Securities; PT 65 Swiss francs
    • FirstRand Ltd. -1.4%, Standard Bank Group Ltd. -1.2%, Absa Group Ltd. -0.8%, Nedbank Group Ltd. -0.7%, Capitec Bank Holdings Ltd. -0.3%, Investec -0.9%

    NEWS:

    • South Africa’s ANC Stalls Plan toNationalize Central Bank

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