Johannesburg - South African stocks edged up 0.15% on Tuesday, with some gold firms such as Harmony and banks ticking
higher after the long-awaited Greek bailout deal soothed concerns about a
default in the eurozone.
Shares of Shoprite rose 1.4% to R134.50 after the
retailer reported a 19% rise in first-half profit, underpinned by
recovering consumer demand in Africa’s top economy.
After months of stalled negotiations, the Greek deal came as a
relief to equity markets, traders said, but that was not enough to push stock
prices substantially higher.
“There is going to have to be a catalyst for further upside. The
bailout was good and it was a necessary step on the path to European recovery,”
said Devin Shutte, a trader at brokerage Newstrading.
“But the markets are still looking at the hard reality that the
eurozone is facing an extended period of lower growth.”
The Top 40 - (Tradeable) [JSE:J200] index rose 0.15% to 30 438.34.
The broader All Share [JSE:J203] index added 0.11% to 34 142.37.
After 13 hours of talks, eurozone ministers finalised a
€130bn deal for Greece in the early hours of Tuesday
morning by forcing Athens to commit to unpopular budget cutbacks and private
bondholders to accept deeper losses on their holdings.
The Greek deal helped put gold on course for its largest daily
rally in two weeks, sending shares of South African miners up as well.
Harmony Gold, South Africa’s third-largest bullion producer, rose
1.3% to R99.01.
Bigger rival AngloGold Ashanti rose 0.22% to R329.31.
FirstRand, South Africa’s second-largest bank by assets, gained 0.5% to R23.02.
Among decliners, mobile operator Vodacom fell 1% to R101.80.
Trade was relatively thin, with 185 million shares changing hands
on the Johannesburg exchange compared with last year’s daily average of 256
million shares.
Advancers beat decliners 145 to 132.