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Johannesburg - South African stocks ended higher on Wednesday as shares of Discovery climbed after the health insurer said it expected higher half-year earnings while resource companies surged on higher gold prices.
Shares of Discovery climbed 4.2% to R77.93, its biggest daily percentage jump in seven months.
"The Discovery results did surprise on the upside and investors looked at the stock in a positive light," said Bruno van Eck, the head of trading at Thebe Stocktrading .
African Bank jumped after selling bonds worth 175 million Swiss francs, which was seen as a sign of confidence in the ailing lender.
Shares of the bank gained 6.7% to R9.98.
Johannesburg's Top-40 index added 1.33% to 41 828.91 and the All-Share index was up 1.22% to 46 425.11.
Gold and platinum companies such as Sibanye Gold, Gold Fields and Anglo American Platinum gained on high prices of precious metals.
They each gained between 4 and 7% on the bourse.
Bucking the trend were a handful of retailers including furniture seller JD Group, WalMart's Massmart unit and fashion retailer Truworths amid growing concerns about a slowdown in consumer spending.
"There is definitely a switch out of the retailers and banking stocks into the mining names, and resource-based stocks," said Van Eck.
Some 207 million shares were traded, according to preliminary bourse statistics with advancers outpacing decliners 176 to 124.
Shares of Discovery climbed 4.2% to R77.93, its biggest daily percentage jump in seven months.
"The Discovery results did surprise on the upside and investors looked at the stock in a positive light," said Bruno van Eck, the head of trading at Thebe Stocktrading .
African Bank jumped after selling bonds worth 175 million Swiss francs, which was seen as a sign of confidence in the ailing lender.
Shares of the bank gained 6.7% to R9.98.
Johannesburg's Top-40 index added 1.33% to 41 828.91 and the All-Share index was up 1.22% to 46 425.11.
Gold and platinum companies such as Sibanye Gold, Gold Fields and Anglo American Platinum gained on high prices of precious metals.
They each gained between 4 and 7% on the bourse.
Bucking the trend were a handful of retailers including furniture seller JD Group, WalMart's Massmart unit and fashion retailer Truworths amid growing concerns about a slowdown in consumer spending.
"There is definitely a switch out of the retailers and banking stocks into the mining names, and resource-based stocks," said Van Eck.
Some 207 million shares were traded, according to preliminary bourse statistics with advancers outpacing decliners 176 to 124.
