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SA stocks creep up, resources in demand

Johannesburg - South African shares crept up on Monday, led by resources stocks as investors bet China would come up with measures to boost the world's largest consumer of commodities following weak manufacturing data.

China's factories suffered their fastest drop in activity in a year in April, as demand faltered and deflationary pressures persisted.

South African bourse heavyweights Anglo American [JSE:AGL] and rival BHP Billiton [JSE:BIL] climbed 3% to R138.89 and 3.6% to R295 respectively.

"Resources are clearly having a good day on stimulus hopes from China after disappointing PMI," said Rabi Thithi, a trader at Avior Research.

The blue chip Top-40 index rose 0.5% to 48 443 and the broader All-Share index was up 0.4% to 54 639.

Kumba Iron Ore [JSE:KIO] was up 4.3% to R167, after top Brazilian miner Vale said output could be cut by as much as 30 million ton.

Metmar [JSE:MML] leapt 12.4% to R1, after Luxembourg-based metals trader Traxys Group offered R294m for the company.

Astral Foods [JSE:ARL] was up 2.9% to R185.90 after the poultry producer said it expected first-half profit to more than double.

On the flipside, Sibanye Gold [JSE:SGL] plunged 11.2% to R25 after Africa's No.3 gold producer said its first-quarter bullion output was down by 5%.

Trading volume in the market as a whole was below average, with 166 million shares changing hands compared with last year's daily average of 183 million.

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Rand - Dollar
18.95
-0.1%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.42
+0.1%
Rand - Aus dollar
12.34
+0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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