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Mining stocks shine after sell-off

Johannesburg - The JSE mining index gained more than 2% on Friday as mining companies rebounded after a week-long sell off.

The index's 14-day RSI, a measure of momentum watched by technical analysts, had fallen below 30, a signal that the sector was oversold, prompting investors to come back in.

Shares in Africa's top bullion producer AngloGold Ashanti [JSE:ANG] soared more than 5% to R172.50 and smaller rival Gold Fields [JSE:GFI] gained almost 5% to R61.49 as the precious metal's price rallied over 2%, also spurred by technical buying after a recent sharp slide.

Manganese producer Assore [JSE:ASO] climbed 4% and world No. 1 platinum producer Amplats [JSE:AMS] was over 2% higher.

Anglo American [JSE:AGL] also gained more than 3% after the world's third-largest resource producer said on Friday that production of key commodities edged higher in the first three months of the year.

It also confirmed the end-2014 delivery of its mega Minas-Rio iron ore project in Brazil and the ramp-up of its South African iron ore mine Sishen, which had been halted by an illegal strike last year.

Shares of Anglo were up 3.6% at R169.19.
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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