Bargain chasers break JSE losing streak
STOCKS ended slightly higher yesterday, breaking three consecutive days of losses as investors chased after bargains but a softer gold price hit mining shares.
The blue chip Top40 index gained 0.35 percent to 44 910.17 points and the broader all share index added 0.4 percent to 50 557.83.
Truworths featured among the top gainers after the apparel retailer unveiled a deal to expand further in the upmarket children’s clothing market.
shares jumped 3.25 percent to R75.52, their biggest daily percentage gain in more than three months.
Overall, investors picked up stocks deemed to have strayed into oversold territory following recent sharp losses, Ferdi Heyneke, a portfolio manager at Afrifocus Securities, said.
climbed 4.05 percent to R68.40, recouping all the losses suffered in the past five sessions.
was up 0.31 percent to R610.78 after the brewer said it would team up with Coca-Cola to bottle and distribute fizzy drinks in Africa. Tracking a softer gold price, fell 1.17 percent
dropped to R106.07 and 2.07 percent to R48.76.
Trade was slightly below average, with 167 million shares changing hands yesterday.