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Johannesburg - South African stocks ended slightly higher on Monday, tracking an upbeat mood in global markets, but investors refrained from making large moves ahead of domestic interest rate verdict later in the week.
The central bank will announce on Thursday its decision on interest rates, with most economists expecting the bank to keep the number on hold at 5.5%.
“The interest rate decision, while it is expected to be in line, could be an major catalyst for the market,” said Michele Santangelo, a portfolio manager at Newstrading.
Market players will be watching to see if the bank takes a hawkish stand on inflation, which breached the central bank’s 3-6 percent target in November and has been above the band since then.
They are also watching for signs of monetary easing in the United States that is expected to boost markets in several parts of the world, including South Africa.
The JSE Top 40 - (Tradeable) [JSE:J200] index gained 0.27% to 29 796.56 and the broader All Share [JSE:J203] index was 0.28% higher at 33 664.46.
Vodacom featured on the gainers’ list, up 1.2% to R105, after brokerage house Credit Suisse raised its price target on the mobile phone operator to R105 from R95.
African Rainbow Minerals, a diversified miner, climbed 2.67% to R184.85, tracking gains in industrial metal prices such as copper.
On the flipside, MTN Group was off 2.77% to R137.09 as the deadline passed for investors to receive the latest dividend payout.
Lenders Absa Group and Standard Bank, also hit by the ex-dividend effect, gave up 1.46% and 0.72% respectively.
Advancers outnumbered decliners 168 to 136 with 67 shares unchanged. A total of 170 million shares changed hands, preliminary data showed, well below a 200-day moving average of about 240 million shares.
The central bank will announce on Thursday its decision on interest rates, with most economists expecting the bank to keep the number on hold at 5.5%.
“The interest rate decision, while it is expected to be in line, could be an major catalyst for the market,” said Michele Santangelo, a portfolio manager at Newstrading.
Market players will be watching to see if the bank takes a hawkish stand on inflation, which breached the central bank’s 3-6 percent target in November and has been above the band since then.
They are also watching for signs of monetary easing in the United States that is expected to boost markets in several parts of the world, including South Africa.
The JSE Top 40 - (Tradeable) [JSE:J200] index gained 0.27% to 29 796.56 and the broader All Share [JSE:J203] index was 0.28% higher at 33 664.46.
Vodacom featured on the gainers’ list, up 1.2% to R105, after brokerage house Credit Suisse raised its price target on the mobile phone operator to R105 from R95.
African Rainbow Minerals, a diversified miner, climbed 2.67% to R184.85, tracking gains in industrial metal prices such as copper.
On the flipside, MTN Group was off 2.77% to R137.09 as the deadline passed for investors to receive the latest dividend payout.
Lenders Absa Group and Standard Bank, also hit by the ex-dividend effect, gave up 1.46% and 0.72% respectively.
Advancers outnumbered decliners 168 to 136 with 67 shares unchanged. A total of 170 million shares changed hands, preliminary data showed, well below a 200-day moving average of about 240 million shares.
