(Bloomberg) — South African stocks advanced for a fourth consecutive session, the longest winning streak since June 2, joining gains in global peers amid earnings optimism that helped Wall Street edge toward an all-time high despite mixed economic data. Telkom SA SOC Ltd. dragged on the market on news its chief executive officer will step down.

The FTSE/JSE Africa All Share Index was up 0.7% by 9:35 a.m. in Johannesburg, trading at its highest level in more than a week, as a broad rally led by miners and banks countered losses in index giant Naspers Ltd. as well as telecommunications providers.

Friday’s gains set the index on track for a fifth consecutive weekly advance, the longest winning streak since May 2020. The index is 2% higher since Monday, its best weekly performance since May 7.

“Local equities in are positive territory, having taken their lead from stronger global markets, which have risen on the back of corporate earnings, among other factors,” said Lester Davids, a strategist at Unum Capital. “Stock leadership appears to be broad-based with Sasol, MTN and Anglo American among the biggest gainers so far in the session.”

The gains come after the South African Reserve Bank left interest rates unchanged at 3.5% and signaled a more dovish policy path.

South Africa Turns Less Hawkish on Key Rate After Riots

“Our house view is dovish; SARB to begin hiking rates in mid-2022,” Matete Thulare, an analyst at Rand Merchant Bank, said in a client note.

Global stocks are on course for a modest weekly gain, bolstered by robust corporate profits and stimulus support. At the same time, July’s decline in 10-year U.S. Treasury yields may signal concern over a possible peak in economic growth, in part as the delta coronavirus strain curbs mobility in some nations.

Anglo American Plc and BHP Group Plc led the index for industrial miners up 1.1%, providing the biggest boost to the index.Anglo American +1.5%, BHP +0.9%, Glencore Plc +1%, African Rainbow Minerals Ltd. +1%Luxury goods retailer and popular rand hedge Richemont advanced 0.7% as the South African currency slides.Precious-metals miners rise for a fourth day, up 1% to a one-week high as gold and palladium prices advanced.NOTE: Gold Steadies on ECB’s Support Pledge, Mixed U.S. Economic DataImpala Platinum Holdings Ltd. +1.3%, Sibanye Stillwater Ltd. +0.9%, AngloGold Ltd. +0.8%, Gold Fields Ltd. +0.7%, Northam Platinum Ltd. +1%, Harmony Gold Mining Co. +1%, Anglo American Platinum Ltd. +0.3%, Royal Bafokeng Platinum Ltd. +1%, Pan African Resources Plc +0.9%Bank stocks extends gains for a fourth day, the longest winning streak since June 2. the sub-index is up 1% as market cheers decision to keep benchmark rate unchanged.FirstRand Ltd. +0.7%, Standard Bank Group Ltd. +0.9%, Absa Group Ltd. +1.5%, Capitec Bank Holdings Ltd. +1.1%, Nedbank Group Ltd. +1.4%, Investec Plc +1.7%Naspers, with a 15% weighting on the index, falls for the first day in three, down 0.4% to provide the biggest drag to the index. Weakness comes as partly owned online gaming giant Tencent Holdings Ltd. retreats in Hong Kong. Naspers holds a 29% stake in Tencent through its subsidiary Prosus NV, which retreated 0.3%NOTE: China’s Tech Crackdown Is Buying Opportunity, Loop Capital SaysTelkom drops 3.1%, dragging the index for telecommunication providers lower, after CEO Sipho Maseko says he is stepping down after more than eight years at the helm of South Africa’s biggest fixed-line operator.NOTE: Telkom CEO Sipho Maseko to Leave Top JobBlue Label Telecoms Ltd. -1.7%Peers MTN Group +1.8%, MultiChoice Group +0.7%, Vodacom Group Ltd. +0.1%Foreign investors remained net sellers of South African stocks for a fourth day Thursday, disposing of 962 million rand ($65 million) of equities, according to data from exchange operator JSE Ltd.

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