Stocks end three-day los­ing streak

Weekend Argus (Saturday Edition) - - BUSINESS -

JO­HAN­NES­BURG: South Africa’s re­source­heavy bourse ended a three-day los­ing streak yes­ter­day, boosted by platinum and gold min­ers on firmer metal prices, and the rand crept to a four-week high against the dol­lar.

The JSE Top-40 in­dex of blue chips gained 0.95 per­cent to 22,742.44 points, rev­ers­ing ear­lier losses in the ses­sion, while the All-share in­dex rose 0.99 per­cent to 25,241.25.

The rand was trad­ing at 7.7512 against the dol­lar at 1540 GMT, 0.3 per­cent stronger than its pre­vi­ous close in New York af­ter touch­ing a four-week high of 7.7350 ear­lier in the ses­sion. Traders said dol­lar weak­ness, which helped to boost the price of gold, buoyed the lo­cal cur­rency, al­though a lower open on Wall Street af­ter soft US con­fi­dence data capped the move firmer.

Gov­ern­ment bonds edged firmer, lifted by rand strength that could help to slow in­fla- tion fur­ther, coun­ter­ing the im­pact of con­sumer price data this week that was slightly higher than ex­pected.

The yield on the 2015 bond was down 2 ba­sis points for the ses­sion at 8.14 per­cent, while the 2036 yield fell 4.5 ba­sis points to 8.255 per­cent. Con­sumer inflation slowed to a two-year low of 6.7 per­cent year-on-year in July, down from 6.9 per­cent the month be­fore. – Reuters

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