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SA stocks up as results, Greece cheer

Johannesburg - South African shares staged their second straight day of gains on Thursday led by Aspen Pharmacare, as robust local results and brighter news on the Greek front cheered investors.

All eyes on Friday will be on US employment data and the next twist in the Greek saga, with investors taking heart from signs that Greece would complete a much-needed private debt swap to avoid a messy default.

The benchmark blue-chip Top 40 - (Tradeable) [JSE:J200] index added 0.5% to 29 970.84, while the broader All Share [JSE:J200] index climbed an identical percentage to 33 758.62.

“The companies that have been coming out with good results have been doing well and there is a chase for dividend yield,” said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.

Aspen, the southern hemisphere’s biggest generic drugs maker, led blue chip gainers, rising 2.6% to R109.00 as positive momentum continued from Wednesday when it announced a 22% spike in first-half profit.

Insurer Sanlam, which on Thursday hiked its dividend by 13% despite a slight 1% dip in full-year earnings, closed 2.6% higher.

Standard Bank, Africa’s biggest lender by assets, rose 0.8% to R108.90 after it reported a 21% rise in full-year profit, helped by strong performance in its Africa business and a drop in bad debts.

A 1% rise in the gold price failed to lift South African producers of the precious metal as the rand made similar gains. Local gold miners earn dollars but most of their costs are priced in rand.

AngloGold Ashanti, the country’s top gold producer and world No 3, took the biggest stumble, losing about 1%.

The short-term tone for the market may be set by US jobs data on Friday.

Nonfarm payrolls are expected to have increased 210 000 in February, according to a Reuters survey, after rising 243 000 in January. The unemployment rate is seen steady at a three-year low of 8.3%.

In the longer run, investors have their reservations about South African equities, Nomura emerging markets analyst Peter Attard Montalto said in a research note.

“Equity investors think South Africa is an interesting story, but are worried about policy and currency risk,” he wrote.

Advancers on Thursday outnumbered decliners 193 to 95, while 72 shares were unchanged.
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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
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