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At 12:33‚ the JSE All Share [JSE:J203] index was up 1.41% 40 357.63‚ propelled by resources‚ up 1.60%‚ with the industrial and financial indices adding 1.30% and 1.13% respectively.
African Bank Investments’ (ABL) stock rallied 5.34% to R22.47‚ stemming a three-day losing streak after the unsecured lender said it would provide context to last Thursday’s disappointing trading statement‚ which resulted in the drops in the share price.
“The rebound in heavily weighted stocks from the recent selloff is boosting overall market sentiment‚” said Devin Shutte of Newstrading.
Top European shares were mostly firmer at noon‚ with UK’s FTSE 100 gaining 0.28%.
Among other big movers on the JSE‚ Anglo American was up 3.04% to R233.89‚ BHP Billiton (BIL) gained 2.01% to R268.46 and Exxaro (EXX) rallied 2.04% to R145.83. Dealers attributed the rally in the diversified miners to bargain hunting after they were marked down last month.
Industrial stocks added to the bullish market tone‚ with British American Tobacco gaining 1.42% to R515 and Richemont (CFR) adding 1.35% to R76.76.
