JSE gains despite mining shares’ slump Graph of the day

STOCKS rose yesterday, led by Mediclinic International and investment group Brait, although shares of gold miners fell.

The JSE Top40 index climbed 0.91 percent to 46 593 points and the all share index gained 0.74 percent to close on 52 189.32 points.

Mediclinic said that it would buy nearly a third of British group Spire Healthcare for R8.6 billion. The shares dipped 3 percent in early trading but pared losses to close 3.16 percent stronger at R102.80, the biggest gain on the Top40 index.

Brait gained 3.11 percent to R110.32, extending its gains to nearly 30 percent in the two months since announcing it would acquire fitness chain Virgin Active and fashion retailer New Look.

Gold mining shares suffered heavy losses as wage negotiations between labour unions and employers began.

AngloGold Ashanti fared the worst among the blue chip shares, plummeting 7.03 percent to R109.50. Smaller competitors Sibanye Gold and Harmony Gold fell 3.99 percent to R18.75 and 3.61 percent to R16.30, respectively.

FirstRand rose 2.41 percent to R52.30 as the banking group said that its vehicle finance unit, Wesbank, would work more closely with the unlisted Hollard Insurance Company.

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