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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - South African stocks bounced back on Friday, propelled by miners as commodity prices jumped.
The JSE top-40 index of blue chips climbed 2.07% to 20 310.65 points while the all-share index added 1.86% to 22 425.54 points.
"We are bucking the trend, European markets are relatively flat, it seems there's definitely buyers at the lower levels to pick up beaten down stock," said Andrew Todd, a trader at BOE Private Clients.
"The next important level to watch will be 23 000 on the all-share, if we can crack through that, you could possibly see further upside."
Miners led the rally, tracking firmer commodity prices with bullion climbing to a fresh two-month high as a dollar slide boosted buying of the metal as a currency hedge.
A rise in US stocks and more upbeat views of the recession-hit global economy also encouraged risk-taking by investors.
On the local bourse, gold miner Harmony was the biggest gainer, surging 9.41% to R97.10. Impala Platinum jumped 7.70% to R171.65.
Bourse and mining heavyweight Anglo American advanced 2.16% to R213 after brokerage house Nomura said the London-based firm might be vulnerable to a potential takeover from rival Xstrata.
Elsewhere, shopping malls owner Liberty International was among the few that weakened, falling 2.29% to R47, after announcing share placement results.
Brewer SABMiller eased 1.89% to R63.35 after broker JP Morgan downgraded the stock to neutral from overweight.
- Reuters