Mining companies take the laurels on JSE
SOUTH African stocks soared by more than 3 percent on Friday led by mining companies and tracking global markets after China, a major commodity consumer, cut interest rates to spur growth.
The benchmark Top40 index rose by 3.51 percent to 45 210.75 with all listed shares ending in the blue. The broader all share index climbed 3.15 percent to 50 821.76
Johannesburg’s main listed indices jumped the most in almost three years after China surprised markets with its first interest rate cut in two years.
Iron ore producer Assore rose 11.53 percent to R196.13, despite a struggling price for its commodity, while larger rival Kumba Iron Ore added 7.90 percent to R266.75.
Impala Platinum gained 8.84 percent to R85.60 and Anglo American
Platinum added 6.25 percent to close at R388.88. Adcock Ingramrose 7 percent to R53.07 after it said it reported a R50 million after-tax profit in the three months to September.
Trade was very active, with 252 million shares changing hands.
The rand firmed against the dollar for the second straight day on Friday. It was bid at R10.9250 to the dollar at 5pm on Friday, 3.53c firmer than at the same time on Thursday.