Higher commodity prices boost JSE
STOCKS gained yesterday, as emerging markets were helped by buoyant commodity prices.
Precious metal producers led the way as benchmark JSE Top40 index climbed 1 percent to 46 237.18 points, while the broader all share index advanced 0.97 percent to 53 040.48 points.
Gold and platinum group metals miners rallied as both bullion and palladium touched two-month highs. A weaker dollar makes precious metals cheaper for holders of other currencies. Anglo American Platinum was the biggest gainer among the blue chips, up 9.28 percent to R338.75.
Shares in Sibanye Gold, a bullion producer with a growing portfolio of platinum assets, increased 6.39 percent to close at R28.99, while Impala
Platinum was up 4.94 percent to R51.
MTN, which counts Nigeria as its biggest market, gained after Nigeria’s communications minister told Reuters that the government must not scare the telecommunications company away. MTN gained 1.29 percent to end the session R127.11.
Trading was below par, with 185 million shares changing hands, compared to the last year’s daily average of 296 million, according to preliminary bourse data.