Stocks end three-day losing streak
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