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Johannesburg - South African stocks inched higher on Friday as shares of petrochemical group Sasol rose after escalating violence in Iraq drove oil prices higher.
Shares of fixed-line operator Telkom gained 1.16% to R42.63, continuing a 50% gain so far this year, after reporting a 35% jump in full-year headline earnings.
The market was also closely watching developments in the platinum wage talks aimed at ending a crippling five-month strike that has battered a stuttering economy.
Association of Mineworkers and Construction Union leader Joseph Mathunjwa said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a strike that has disrupted global output of the metal.
"Until everything is signed, sealed and delivered with the strike you are going to see volatility," said Ryan Woods, a trader at Independent Securities.
The benchmark Top-40 index inched up 0.47% to 45 803, while the broader All-Share index gained 0.33% to close at 50 764.
Sasol shares were up 4.3% to R645.10.
The bourse brushed off the move by ratings agency Fitch to change its economic outlook from stable to negative, citing poor prospects for economic growth and rising public debt.
In a slow day of trading ahead of a bank holiday on Monday, about 137 million shares changed hands, with 161 stocks advancing while 152 declined.
Shares of fixed-line operator Telkom gained 1.16% to R42.63, continuing a 50% gain so far this year, after reporting a 35% jump in full-year headline earnings.
The market was also closely watching developments in the platinum wage talks aimed at ending a crippling five-month strike that has battered a stuttering economy.
Association of Mineworkers and Construction Union leader Joseph Mathunjwa said on Friday a wage deal with the top three platinum producers was imminent, signalling a possible end to a strike that has disrupted global output of the metal.
"Until everything is signed, sealed and delivered with the strike you are going to see volatility," said Ryan Woods, a trader at Independent Securities.
The benchmark Top-40 index inched up 0.47% to 45 803, while the broader All-Share index gained 0.33% to close at 50 764.
Sasol shares were up 4.3% to R645.10.
The bourse brushed off the move by ratings agency Fitch to change its economic outlook from stable to negative, citing poor prospects for economic growth and rising public debt.
In a slow day of trading ahead of a bank holiday on Monday, about 137 million shares changed hands, with 161 stocks advancing while 152 declined.
