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Johannesburg - South African stocks rose 0.71% on Thursday, as miner Anglo American jumped on news of a $5.4 billion asset sale, while investors returned to battered firms such as Sappi .
The stock market shrugged off the central banks’s decision to keep interest rates steady, as expected, and broader gains were limited by concerns about the outlook for Europe.
Stocks did briefly extend gains after the ruling African National Congress said it would suspend for five years the controversial leader of its youth wing, who has called for nationalisation of both banks and mines.
“Very broadly speaking, it is positive for sentiment in the market,” said Mitchell Gannaway, a trader at Thebe Stockbroking, about the ANC’s decision.
The Top 40 (Tradeable) [JSE:J200] index rose 0.71% to 28 855.92, recouping some gains after a 2.3% decline in the previous session. The broader All Share [JSE: J203] index rose 0.62% to 32 216.61.
Global miner Anglo American surged 3.55 percent to 307.55 rand after it said it sold a stake in its Chilean copper business for $5.4 billion.
The stock market shrugged off the central banks’s decision to keep interest rates steady, as expected, and broader gains were limited by concerns about the outlook for Europe.
Stocks did briefly extend gains after the ruling African National Congress said it would suspend for five years the controversial leader of its youth wing, who has called for nationalisation of both banks and mines.
“Very broadly speaking, it is positive for sentiment in the market,” said Mitchell Gannaway, a trader at Thebe Stockbroking, about the ANC’s decision.
The Top 40 (Tradeable) [JSE:J200] index rose 0.71% to 28 855.92, recouping some gains after a 2.3% decline in the previous session. The broader All Share [JSE: J203] index rose 0.62% to 32 216.61.
Global miner Anglo American surged 3.55 percent to 307.55 rand after it said it sold a stake in its Chilean copper business for $5.4 billion.
