South African stock market on a winning streak on easing lockdown rules

The South Africa stock market opened the week on a high on Monday, maintaining last week's largely winning streak after President Cyril Ramaphosa removed lockdown restrictions over the weekend.

Ramaphosa said that from midnight on Monday a ban on alcohol and tobacco sales would be lifted, travel between provinces would be allowed, and restaurants and taverns could return to normal business subject to hygiene protocols.

Indications were that COVID-19 infections had peaked, he said.

The benchmark FTSE/JSE all share index was up 0.23% to 57,211 points while the FTSE/JSE top 40 companies index was up 0.35% to 52,929 points in intra-day trading at 1155 GMT.

Hospitality shares soared with shares in hotels, gaming and entertainment giant Sun International Ltd up 11%, Tsogo Sun Hotels Ltd up 9.5% and City Lodge Hotels Ltd was up 8.7% at 11:45 GMT.

Analysts said the announcement was a much-needed relief for South Africa.

"(Industries are) going to benefit from an uptick in turnover which is desperately needed," said Ryan Woods, a trader with Independent Securities, attributing the movement in shares of these companies.

South Africa's biggest cigarette seller British American Tobacco Plc was up 1.4%.

The rand lost ground after gaining early on Monday mirroring moves in other emerging market currencies including the Turkish lira, as optimism over easing of the lockdown proved short-lived for the currency markets.

By 1155 GMT it traded at 17.4500 versus the dollar, more than 0.3% weaker than its previous close.

Government bonds yields slightly increased, with the yield on the 2030 bond at 9.235%.

(Reporting by Tumelo Modiba and Alexander Winning; Editing by Promit Mukherjee and Angus MacSwan)