JSE edges up as MTN advances

Johannesburg - South African stocks edged up on Monday as shares of MTN Group advanced on hopes that a landmark deal over Tehran's nuclear programme may allow the company to repatriate millions of dollars from its Iran business.

But gains were limited as investors sold bullion producers such as AngloGold Ashanti - which fell 4.1% to R134.30 - as news that Tehran reached a deal with six world powers also sent the price of gold lower. The precious metal is usually seen as a hedge against political risk.

MTN, Africa's largest mobile operator, rose 2.5% to R198.46. The company has been unable to repatriate around $450m from its Iranian unit because of Western sanctions against Iran.

"The agreement over the weekend had a positive impact on sentiment towards the stock, but I think one would need clarity on how that would affect MTN's operations," said Andrew Bryson, a trader at Nedbank Private Wealth in Johannesburg.

The benchmark Top-40 index ticked up 0.32% to 39 767.98.

The broader All-Share index added 0.26% to 44 552.51.

Naspers, the most valuable company with a primary listing in Johannesburg, advanced 3.4% to R972, tracking a rise in China's Tencent Holdings, of which it owns more than 30%.

Hong Kong-listed shares of Tencent were buoyed by strong market debuts by two Chinese technology companies in New York on Friday.

In Johannesburg, platinum producer Northam Platinum declined 1.6% to R40.

South Africa's National Union of Mineworkers vowed on Monday to carry on fighting for higher wages at Northam, even as the firm said a three-week strike by over 7 000 workers was threatening its survival.

Trade was active with 206 million shares changing hands, according to preliminary data. Decliners outnumbered advancers, 164 to 153, while 58 shares were unchanged.