South African Stocks End Slightly Higher

The JSE FTSE All Share index closed about 0.5% up at 74,693 on Monday, mainly pushed up by solid gains in tech stocks, tracking Tencent in Hong Hong.

Investors were upbeat about the easing of Covid-19 restrictions in mainland China, with the reopening of the economy expected to boost the global economy.

Domestically, the executive committee of South Africa's governing party was meeting to decide the future of President Cyril Ramaphosa as he faces a parliamentary vote Tuesday that could lead to his impeachment.

Despite deep divisions inside the party, there appears to be a majority backing the president.

Meanwhile, Ramaphosa has reportedly taken a case to the Constitutional Court to overturn the parliamentary report accusing him of a corruption scandal whose findings have paved the way for impeachment proceedings against him.

On the data front, a fresh PMI survey showed South African private sector activity recovered slightly in November, after two consecutive months of declines.