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Stocks up as platinum recovers

Feb 17 2012 18:54 Reuters

Company Data

Top 40 [JSE : J200]

Last traded R29,189.72
Change R115.53
% Change 0.40%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

All Share [JSE : J203]

Last traded R33,104.06
Change R111.81
% Change 0.34%
Cumulative volume 0
Market cap R0.00

Last Updated: 28/05/2012 at 17:43. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - South Africa's benchmark index rose 0.9% on Friday as recovery in the platinum price prompted a rebound in miners such as Lonmin, while Anglo American rose after posting a rise in full-year earnings.

Local sentiment was also buoyed by strong U.S. macro-economic data and optimism over the possibility of a Greek debt deal early next week.

"Our day's trading today has been more a follow on from the increased optimism globally. We are still rallying on the firm economic data out of New York," said Paul Theron, an analyst at Vestact.

"The Greece thing, if it does get resolved, will be a market positive. It is a remaining cause for anxiety."

US labour, manufacturing and housing data released after Johannesburg's markets closed on Thursday suggested sustained momentum in the key economic sectors and confirmed a recovery in the world's biggest economy continued at steady pace.

Johannesburg's Top 40 - (Tradeable) [JSE:J200] index gained 0.91% to 30 373.15 and the All Share [JSE:J203] added 0.83% to 34 082.78.

Platinum producers were the biggest gainers, helped by a recovery in the price of the metal, which has been sold off in the last few sessions. During the session platinum rose as high as $1,640 an ounce, an increase of 1.3 percent.

Lonmin, the global No.3 producer, added 3.1% to 125.36 rand.

Impala Platinum, the world's second-largest producer of the metal, clawed back 3% to 162.99 rand after a 4% slide in the previous session.

Global miner Anglo American climbed nearly 2% to 326.50 rand.

The company reported a 14% rise in full-year profit on Friday, aided by record operating profit from iron ore, its largest division. However, it dashed hopes it would use cash to offer a special dividend, and instead sweetened its regular payout.

Trade was relatively slow with only 178.9 million shares changing hands, preliminary statistics from the bourse showed, lagging last year's daily average of 256 million shares.

 
 
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