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Johannesburg - South African stocks closed higher for a second-straight session on Tuesday, buoyed by paper-maker Mondi, which hit a record high after it said first-half profit would be sharply higher.
Absa Group tumbled more than 7%, posting its biggest one-day drop in a year, after the bank's first-half earnings and dividend disappointed investors.
"The dividend is light," said Stephen Burrell, a trader at Johannesburg-based Avior Research. "Total dividend came in at about R10.58 but the market was looking at R11 so they are disappointing."
The benchmark Top-40 index rose 0.41% to 36 516.92, while the broader All-Share index was up 0.42% to 40 991.30.
Mondi surged 4.8% to R145.50, the biggest gain on the blue-chip index and its highest close on record, according to Reuters data.
Mondi, which is also listed in London, said first-half profit would likely be "significantly higher", helped by one-time items.
Retailers also gained ground, as they rebounded after a recent sell-off.
"Retailers (are) finding some firm ground after their disappointing trading updates," said Avior Research's Burrell.
Shoprite, Africa's biggest retailer, rose 2.5% to R167.86, while Truworths, South Africa's largest clothing seller by market value, gained 1.83% to R83.48.
Woolworths, which sells clothing and groceries, climbed 1.4% to R66.64.
Media and e-commerce group Naspers rose 3.8% to a record close of R830, lifted by another surge in Chinese internet firm Tencent, in which it owns a 34% stake.
More than 168 million shares changed hands, according to preliminary bourse data. Advancers edged out decliners, 151 to 150, with 55 stocks unchanged.
Absa Group tumbled more than 7%, posting its biggest one-day drop in a year, after the bank's first-half earnings and dividend disappointed investors.
"The dividend is light," said Stephen Burrell, a trader at Johannesburg-based Avior Research. "Total dividend came in at about R10.58 but the market was looking at R11 so they are disappointing."
The benchmark Top-40 index rose 0.41% to 36 516.92, while the broader All-Share index was up 0.42% to 40 991.30.
Mondi surged 4.8% to R145.50, the biggest gain on the blue-chip index and its highest close on record, according to Reuters data.
Mondi, which is also listed in London, said first-half profit would likely be "significantly higher", helped by one-time items.
Retailers also gained ground, as they rebounded after a recent sell-off.
"Retailers (are) finding some firm ground after their disappointing trading updates," said Avior Research's Burrell.
Shoprite, Africa's biggest retailer, rose 2.5% to R167.86, while Truworths, South Africa's largest clothing seller by market value, gained 1.83% to R83.48.
Woolworths, which sells clothing and groceries, climbed 1.4% to R66.64.
Media and e-commerce group Naspers rose 3.8% to a record close of R830, lifted by another surge in Chinese internet firm Tencent, in which it owns a 34% stake.
More than 168 million shares changed hands, according to preliminary bourse data. Advancers edged out decliners, 151 to 150, with 55 stocks unchanged.
