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JSE rises as Capitec sparkles

Johannesburg - South African stocks extended their winning run to a fourth straight session on Thursday, with Capitec [JSE:CPI] leading the gainers after the lender flagged higher profits.

Capitec rallied 9.07% to R232, its biggest daily percentage gain in more than six years, boosted by news that its first-half profit likely rose as much as 22%.

The profit guidance allayed investor concerns about Capitec's exposure to unsecured loans following the collapse of rival African Bank.

"Capitec is not just an unsecured lender, it's not even just a banker for the poor," said Jean Pierre Verster, an analyst at 36One Asset Management. "The details that they give are very positive, specifically that they've attracted clients in higher-income groups as well."

Overall, investors took their cue from positive sentiment in major overseas markets after the European Central Bank cut interest rates to record low.

The JSE Top-40 index gained 0.62% to 46 674 and the broader All-share index was up 0.56% at 52 081.

Other movers included MTN [JSE:MTN], which climbed 2.7% to R257.31 after the wireless phones operator sold towers for an estimated $1.8bn.

On the downside, African Rainbow Minerals gave up 2.6% to R174 after the diversified miner missed estimates with a 9.5% increase in annual profit.

At least 187 million shares changed hands, according to preliminary bourse statistics, with advancers outpacing decliners 180 to 129.

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Rand - Dollar
19.02
-0.6%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.36
-0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.50
+0.4%
Palladium
1,002.25
+0.1%
Gold
2,211.80
+0.8%
Silver
24.62
-0.1%
Brent Crude
86.09
-0.2%
Top 40
68,080
+0.6%
All Share
74,278
+0.5%
Resource 10
56,967
+2.4%
Industrial 25
103,572
+0.3%
Financial 15
16,456
-0.4%
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