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JSE advances, led by gold producers

Johannesburg - South African shares rose more than 2% on Tuesday amid expectations that European Union policy makers will intervene to keep the eurozone from slipping into deflation, a move that should help to ease risk aversion.

Bullion producers AngloGold Ashanti [JSE:ANG] and Sibanye Gold [JSE:SGL] led the gains as gold reached a 12-week high and investors sought refuge from volatile stocks and depressed oil prices. AngloGold closed 4.45% higher at R124.70 and Sibanye rose almost 2% to R27.71.

Gold rose to $1 243.60, its highest since October, as oil prices slid as low as $45.19 a barrel, its lowest in almost six years. Falling oil prices have heightened expectations the European Central Bank will soon begin a large-scale programme of government bond buying.

Chinese trade data released on Tuesday beat expectations as exports in December rose 9.7% from a year earlier and imports dropped by only 2.4%.

"The trade data from China also seemed to beat expectations. Resources on a whole will be up ... gold and platinum prices will be up," said Kyle Dutton, a stockbroker at Mercato Financial Services.

The Top-40 advanced 2.24% on the day to 43 428. The broad All-Share index ended 1.99% higher at 49 433.

Trade was average, with 188 million shares changing hands in the session, compared with last year's daily average of 183 million shares.
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Rand - Dollar
18.92
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.45
+0.1%
Rand - Aus dollar
12.35
-0.0%
Rand - Yen
0.13
-0.1%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,222.89
+1.3%
Silver
24.90
+1.0%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
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