MTN, platinum firms lift the bourse

STOCKS climbed slightly yesterday as phone operator MTN and platinum producers gained.

The benchmark Top40 index was 0.15 percent firmer at 45 201.6 points, while the all share index rose 0.13 percent to 51 749.86 points.

Platinum firms rallied on higher prices and after Anglo American Platinum (Amplats) reported strong third quarter production.

Shares in Amplats advanced 4.87 percent to R338.21.

MTN was the biggest gainer among the blue chips, strengthening 5.34 percent to close at R115.37.

“MTN had a good day, with yesterday’s (Monday’s) trading update filtering through,” Cratos Capital equities trader Greg Davies said.

Trade was muted with about 195 million shares changing hands, compared with last year’s daily average of 296 million, according to preliminary bourse data.

Meanwhile, US stocks slipped on disappointing earnings reports yesterday, while UK shares rose helped by mining firms.

Nine of the eleven sectors in the benchmark US Standard & Poor’s 500 index were negative, after poor earnings forecasts from some of the largest companies. The Dow Jones industrial average fell 0.22 percent to 18 182.76 points.