Stocks piggy-back on up­beat news from US

Weekend Argus (Saturday Edition) - - BUSINESS -

SOUTH African stocks ended higher yes­ter­day as both ma­jor in­dices piggy-backed on eq­ui­ties-pos­i­tive news that the US Fed­eral Re­serve will main­tain its mone­tary stim­u­lus and booked their big­gest weekly gains in nearly two years.

Fed chair­man Ben Ber­nanke said the US cen­tral bank will keep mone­tary pol­icy loose, re­as­sur­ing in­vestors about a mea­sure that has fu­elled a rally in emerg­ing-mar­ket as­sets, seen as riskier in­vest­ments.

The Top-40 in­dex rose 0.4 per­cent to 36 227.27, log­ging a 4.4 per­cent gain for the week – its big­gest since late 2011. The All­Share in­dex was up 0.47 per­cent to 40 734.89.

Boosted by ris­ing oil prices, Sa­sol rose 2.21 per­cent to R448.72, putting it among the top gain­ers on the blue-chip in­dex.

De­clin­ers on the Top- 40 were led by re­source stocks in­clud­ing An­glo Amer­i­can Plat­inum, which fell 3.05 per­cent to R195.34. An­gloGold Ashanti shed 2.28 per­cent to R127.50.

The min­ing sec­tor has been clouded by wage talks that started this week, which could slam firms al­ready hit by fall­ing prices for pre­cious met­als. – Reuters

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