Johannesburg - South African stocks
clawed back some lost ground on Thursday, as investors bought
back shares of Kumba Iron Ore and other resource stocks
that had been hammered in the previous session.
But traders said the recovery was also tempered with
caution, ahead of a four-day Easter holiday that starts on
"Resources have been hard hit so you would expect a bit of
bottom fishing and bargain hunting," said Ferdi Heyneke,
portfolio manager at Afrifocus Securities.
"We might have had a better rally today if it wasn't for
this fairly long break coming up."
South Africa's blue-chip Top 40 - (Tradeable) [JSE:J200] index added 1.12% to 29 754.87, after suffering its biggest percentage
decline since October on Wednesday when it slid 2.6%.
The broader All Share [JSE:J203] index bounced back 0.98% to 33 665.08.
Resource shares helped lead the recovery, with Kumba jumping
3.4% to R532.19.
Gold miners also gained, with Gold Fields, the
world No. 4 producer of the precious metal, climbing 1.24%.
Lender Nedbank, which dropped more than 4%
in the previous session, rose 5.05% to R167.16.
Domestic and most major global markets will be closed on
Friday, even as US releases its March employment report.
Economists polled by Reuters expect the employment report
will show the US economy added 203 000 jobs last month, for a
fourth straight month of solid job creation, marking the longest
stretch of monthly employment gains topping 200 000 since 1999.
That could set the tone in Johannesburg next week, with
investors playing catch up on Tuesday.
Advancers outnumbered decliners on Thursday 153 to 119 while
69 stocks were unchanged. Preliminary data also showed that
around 181.5 million shares changed hands.