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.
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.