{"id":58030,"date":"2023-12-14T17:56:36","date_gmt":"2023-12-14T17:56:36","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf"},"modified":"2023-12-14T18:18:28","modified_gmt":"2023-12-14T18:18:28","slug":"south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf","title":{"rendered":"South Africa sees R761 million fund inflows driven by Absa\u2019s Platinum ETF"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa recorded R761 million of fund inflows this month, largely driven by investor allocations to Absa\u2019s New Gold Platinum ETF.<\/p>\n

The fund, launched in 2013 by Absa\u2019s Corporate and Investment Banking division, allows direct investments in platinum traded on the spot market and registered the highest inflows among locally listed funds on a monthly and annual basis.<\/p>\n

That\u2019s despite a slowdown in the global commodities boom and declining demand from China, the country\u2019s biggest trade partner, which has weighed on commodity prices.<\/p>\n

The fund \u201cexperienced significant inflows, reversing all outflows experienced in 2022 within the first quarter of 2023,\u201d said Michael Mgwaba, head of exchange-traded products at Absa CIB. \u201cThe investment case for platinum has been stronger\u201d this year, he said.<\/p>\n

Still, South Africa\u2019s fund inflows this year rank second lowest among ten emerging market nations, according to data compiled by Bloomberg.<\/p>\n

Robust demand in the automotive and industrial sectors as well as growing demand from the hydrogen economy have resulted in temporary platinum shortages, boosting prices and the value of the ETF, he said.<\/p>\n

A 16.9% jump in the production of platinum-related metals in October resulted in a 3.9% increase in output by the South African mining industry compared with the prior-year period, data from the country\u2019s statistics office showed this week.<\/p>\n

The growth in mining output followed a 1.9% contraction in September.<\/p>\n

Power cuts and inefficient rail and port infrastructure are expected to continue weighing on the mining sector, Thanda Sithole, an economist at First National Bank said in a note Tuesday.<\/p>\n

Slowing global growth, including in China, is boding ill for the country\u2019s mineral exports, Sithole said.<\/p>\n

Absa\u2019s ETF also benefits from investor demand in Botswana and Namibia, where the 7.6 billion rand fund has secondary listings, according to Mgwaba.<\/p>\n

Similar to gold, \u201cplatinum is a hard asset that investors could consider during times of increased market risk,\u201d he said. Investors also use the fund as a currency hedge as the underlying asset is priced in US dollars, compared with the ETF that\u2019s priced in rand.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa recorded R761 million of fund inflows this month, largely driven by investor allocations to Absa\u2019s New Gold Platinum ETF. The fund, launched in 2013 by Absa\u2019s Corporate and Investment Banking division, allows direct investments in platinum traded on the spot market and registered the highest inflows among locally listed funds […]<\/p>\n","protected":false},"author":84,"featured_media":58028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-58030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa sees R761 million fund inflows driven by Absa\u2019s Platinum ETF - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa recorded R761 million of fund inflows this month, largely driven by investor allocations to Absa\u2019s New Gold ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa sees R761 million fund inflows driven by Absa\u2019s Platinum ETF\" \/>\n<meta property=\"og:description\" content=\"South Africa recorded R761 million of fund inflows this month, largely driven by investor allocations to Absa\u2019s New Gold ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-14T17:56:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-14T18:18:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702565235.105087.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa sees R761 million fund inflows driven by Absa\u2019s Platinum ETF\",\"datePublished\":\"2023-12-14T17:56:36+00:00\",\"dateModified\":\"2023-12-14T18:18:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/12\/sm_1702565235.105087.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-sees-r761-million-fund-inflows-driven-by-absas-platinum-etf\",\"name\":\"South Africa sees R761 million fund inflows driven by Absa\u2019s Platinum ETF - 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