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.