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Johanneburg - South African stocks inched to their highest close in seven sessions on Tuesday, rising 0.5 percent as banks and retailers rose on hopes a budget vote in Italy could help move the eurozone closer to resolution of its debt crisis.
Shares of exchange operator JSE Ltd fell after the bourse sacked its head of equities derivatives for irregular trading on his own account.
Investors were optimistic as Italy’s budget vote hinted that Prime Mininster Silvio Berlusconi had lost his parliamentary majority, piling further pressure on him to resign.
“There is a lot of optimism about the packages they want to put up in Europe and commodity prices are still staying strong and have a very good influence on our markets,” said Rigardt Maartens, a portfolio manager at PSG Konsult.
“I think we can see the market a bit stronger in the rest of the week as the market is on an upward momentum at this moment, though it could turn volatile.”
Johannesburg’s Top 40 (Tradeable0 [JSE:J200] index rose 0.5 percent to 29,320.72, its highest finish since late October.
The All Share [JSE:J203] index also gained 0.5 percent, to 32,670.42. Banks were higher, with Investec rising 1.4 percent to 47.85.
Trade on the exchange was relatively active, according to preliminary data available at 1500 GMT, which showed 182.5 million shares changing hands.
Advancers outnumbered decliners, 167 to 96.
Shares of exchange operator JSE Ltd fell after the bourse sacked its head of equities derivatives for irregular trading on his own account.
Investors were optimistic as Italy’s budget vote hinted that Prime Mininster Silvio Berlusconi had lost his parliamentary majority, piling further pressure on him to resign.
“There is a lot of optimism about the packages they want to put up in Europe and commodity prices are still staying strong and have a very good influence on our markets,” said Rigardt Maartens, a portfolio manager at PSG Konsult.
“I think we can see the market a bit stronger in the rest of the week as the market is on an upward momentum at this moment, though it could turn volatile.”
Johannesburg’s Top 40 (Tradeable0 [JSE:J200] index rose 0.5 percent to 29,320.72, its highest finish since late October.
The All Share [JSE:J203] index also gained 0.5 percent, to 32,670.42. Banks were higher, with Investec rising 1.4 percent to 47.85.
Trade on the exchange was relatively active, according to preliminary data available at 1500 GMT, which showed 182.5 million shares changing hands.
Advancers outnumbered decliners, 167 to 96.
