Stocks piggy-back on upbeat news from US
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