JSE stocks rise for second day

STOCKS rose for the second consecutive day yesterday as investors scooped up shares in blue chip heavy-weight Kumba Iron Ore as the price of the commodity steadied. The benchmark JSE Top40 index rose 0.46 percent to 46 630.69 and the all share index, the broadest measure of the local stock market, was up 0.4 percent to 52 806. Kumba Iron Ore closed 4.68 percent higher at R145.50, after its shares had fallen by more than 60 percent since April last year due to weaker demand for the steel-making ingredient. Chinese rebar futures steadied, snapping five straight sessions of losses, but weak demand and ample supply in China is expected to continue weighing on prices. “Any hint of iron ore recovery will have a positive effect on the stock after it was severely punished and was down in previous sessions,” said Rabi Thithi, a trader Avior Capital. – Reuters page 18 ZIMBABWEAN President Robert Mugabe hinted yesterday at a possible softening of his government’s Indigenisation Act for South African and other regional investors.

The law, which requires foreign corporations to cede at least 51 percent ownership to Zimbabweans, has been widely cited as an obstacle to badly needed investment for the cashstrapped country.

Mugabe was asked about this at a press conference with President Jacob Zuma on his state visit to South Africa.

He strongly defended the act, saying that Africa’s resources belonged to Africans and that these resources were a greater asset than the capital of investors.

50-50 partnerships

government delegations yesterday. But he said he expected it to be discussed at a business conference today to be attended by government ministers, officials and business executives from both countries.

Mugabe would address the conference, Davies said.

South African officials said that South African business leaders would tell Zimbabwe it needed to do more to make itself attractive to investors and would raise their concerns about the Indigenisation Act.

A Zimbabwean journalist asked Zuma at the press conference what his government