Gains in commodities boost the JSE

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ticked up yesterday, helped by gains in commodities that benefited the resources sector.

The benchmark JSE Top40 index gained 0.14 percent to 45 496.21 points, while the all share index rose 0.28 percent to 51 975.89 points.

Spot gold and platinum prices gained as the dollar slipped, with any further gains capped by jitters ahead of the US Federal Reserve meeting, while positive Chinese home data continued to support local commodity demand.

“Generally when there are good Chinese numbers it means that there’s going to be good demand for commodities, therefore commodity nations like ourselves generally are the beneficiaries of that,” said Vunani Private Clients portfolio manager, Michele Santangelo.

Anglo American Impala

Gold Fields Naspers

climbed 2.77 percent

Platinum

to R157.01, strengthened 3.14 percent to R64.36 and gained 0.98 percent to R68.24.

fell 0.3 percent to close at R2 448.64. The company was set to receive at least four bids for Allegro in a deal that could value Eastern Europe’s number one auction website at up to $2.2 billion (R31.1bn), sources familiar with the talks said yesterday. The bidders are expected to submit offers for “the Polish eBay” today.