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
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.