Bourse bounces back, led by Steinhoff

Top movers Graph of the day

FTSE/JSE Africa Index Series

STOCKS ended higher yesterday, helping the main index bounce back from its lowest level in nearly 10 months with Steinhoff in demand after the retailer lifted its quarterly operating profit.

The blue chip JSE Top40 index advanced 1.19 percent to 42 927.17 points and the broader all share index added 1.1 percent to 49 476.06 points.

topped the gainers’ list on the benchmark index, rising 9.5 percent to R69.75, its biggest oneday percentage gain in nine years.

The company, which is also listed in London, reported a 12.5 percent rise in quarterly operating profit yesterday,

Steinhoff

boosted by strong sales at its clothing and footwear business.

was also in favour, rising 2.54 percent to R114.33 after the mobile phone group said that it had strengthened its leadership with two new executives.

Meanwhile, Wall Street’s rise was held back by health stocks yesterday afternoon, while European shares increased on reports Italy would step in to rescue troubled bank Monte dei Paschi and on expectations the European Central Bank would extend its bond-buying.

The Dow Jones industrial average was up 0.08 percent to 19 267.21 points, while the Standard & Poor’s 500 gained 0.1 percent to 2 214.51 points.

MTN