SA stocks end higher, MTN among top gainers

Johannesburg - South African stocks ended higher on Tuesday, following in the footsteps of major overseas markets, with MTN [JSE:MTN] among the top gainers as the West prepares to lift sanctions against Iran.

MTN, which runs the biggest mobile phone business in the Middle Eastern country, gained 1.06% to R222.10, adding to recent gains following last week's peaceful election in Nigeria, its biggest market.

"I am figuring that a second "peaceful" event between the world powers and Iran will lead to a similar type of reaction for MTN," said Sasha Naryshkine, a fund manager at Johannesburg-based Vestact.

Iran and world powers reached a framework agreement last week on curbing Iran's nuclear programme for at least a decade in exchange for lifting sanctions against Tehran.

READ: Billions up for grabs if nuclear deal opens Iran economy

Overall, stocks took their cue from higher overseas markets as the bourse reopened after public holidays on Friday and Monday for the four-day Easter long weekend.

The benchmark JSE Top-40 index rose 0.8% to 46 418 and the All-share index, the broadest measure of the South African stock market, was up 0.7% to 52 595.

Other gainers on the bourse included petrochemical giant Sasol [JSE:SOL] and gold mining firm AngloGold Ashanti [JSE:ANG], which gained 5.6% and 3%, respectively.

On the downside, Kumba Iron Ore [JSE:KIO] lost 0.6% at R139 as the price of iron ore faltered.