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Johannesburg - South African stocks rose to their highest level in more than six weeks on Tuesday, bouncing back from the previous session’s decline, with gold miners among the top gainers as the domestic currency falters and bullion prices cruise higher.
Grindrod also featured on the gainers’ list after Africa’s top shipping company said it would sell a stake to Remgro in exchange for a R2bn capital injection.
The JSE Top-40 Tradeable [JSE: J200] blue-chip index was up 1.41% at 28 043.66, a level last seen on August 1. The broader All-share [JSE:J203] index added 1.24% to 31 343.9.
Volumes were low as some investors stayed on the sidelines ahead of the US central banking meeting, which some expect will result in additional measures to boost the flagging US economy.
“We have a very weak rand and that is supporting the market on the resource side of things, which is largely keeping our market up,” said Michael Carlsson, a trader at Consilium Capital.
Although the rand recovered some lost ground during the session, it was still largely at weakened levels.
“There are still concerns out there but the market is expecting something positive to come out of the Fed’s meeting.”
Gold miners were among the top gainers, tracking higher bullion prices and weaker rand, with Gold Fields up 1.85% at R135 and rival Harmony up 1.39% at R101.39.
Grindrod rallied 4.28% to R15.58 after the company said it would sell 133 million shares, or a 22% stake, at R15 rand each to investment group Remgro to help fund an expansion project. Remgro inched down 0.18% at R114.10.
Grindrod also featured on the gainers’ list after Africa’s top shipping company said it would sell a stake to Remgro in exchange for a R2bn capital injection.
The JSE Top-40 Tradeable [JSE: J200] blue-chip index was up 1.41% at 28 043.66, a level last seen on August 1. The broader All-share [JSE:J203] index added 1.24% to 31 343.9.
Volumes were low as some investors stayed on the sidelines ahead of the US central banking meeting, which some expect will result in additional measures to boost the flagging US economy.
“We have a very weak rand and that is supporting the market on the resource side of things, which is largely keeping our market up,” said Michael Carlsson, a trader at Consilium Capital.
Although the rand recovered some lost ground during the session, it was still largely at weakened levels.
“There are still concerns out there but the market is expecting something positive to come out of the Fed’s meeting.”
Gold miners were among the top gainers, tracking higher bullion prices and weaker rand, with Gold Fields up 1.85% at R135 and rival Harmony up 1.39% at R101.39.
Grindrod rallied 4.28% to R15.58 after the company said it would sell 133 million shares, or a 22% stake, at R15 rand each to investment group Remgro to help fund an expansion project. Remgro inched down 0.18% at R114.10.
