Share

JSE boosted by resources rebound

Johannesburg - South African stocks edged up on Wednesday in thin trade, with resource firms including platinum producer Lonmin leading the charge on expectations that demand may pick up in China.

Shares of AngloGold Ashanti, Africa's largest gold producer, ended a five-session drubbing to post a 1.98% gain, closing at R260.57.

"Resources had a bit of a bounce today. Industrial production out of China was better than forecast," said Andrew Flavell, a trader from Consilium Capital SA.

The benchmark blue-chip Top 40 - (Tradeable) [JSE:J200] index rose 0.66% to 30 021.05, while the broader All Share [JSE:J203] index closed up 0.61% higher at 34 028.81.

Shares of Lonmin gained 2.73% to R129.04 on the JSE. Lonmin's primary listing is in London.

Richemont, the maker of Cartier and Mont Blanc luxury watches, extended gains to close 2.9% firmer at R48.61. Data showed on Tuesday that Swiss watch exports rose by nearly 19% last month, buoyed by strong Asian demand.

Richemont is also listed in Switzerland.

Among the losers were South Africa's biggest retail bank Absa, down 0.61%, and media group Naspers, which fell 2.13% due to a slide in Chinese internet giant Tencent Holdings, in which it has a 30% stake.

Chinese internet firms were hit after Baidu, China's leading search company, set off alarm bells on Wall Street after a disappointing second-quarter revenue forecast raised doubts on its growth prospects.

Trade was thin with just 185 million shares changing hands, according to preliminary bourse data, down from the daily average of 256 million sold last year.

Advancers outnumbered decliners at 164 to 121, with shares in 79 firms unchanged.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.93
-0.1%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.44
+0.1%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
906.59
+1.1%
Palladium
1,012.66
+1.1%
Gold
2,221.84
+1.2%
Silver
24.88
+1.0%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders