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Abil slides but MTN takes JSE higher

Johannesburg - South African stocks ended largely flat on Friday, recovering earlier losses after better-than-expected US economic data, with mobile phone operator MTN Group leading the risers.

US nonfarm productivity rebounded more strongly than expected in the second quarter, putting a lid on wage pressures and giving the Federal Reserve room to keep interest rates low for the time being.

The market ended mixed after falling two sessions on the trot, with the benchmark Top-40 index adding 0.06 percent to 45 561 while the wider All-share index shaved off 0.01% as African Bank continued its spectacular fall.

Wireless carrier MTN Group lead advancers, extending gains from the previous day when it reported a 9 percent rise in first-half profit, as strong demand for its high-margin data services offset slow voice growth at home.

MTN added 3.9% to R232.35, making it the best performer among blue chips.

MTN said on Thursday its earnings were helped by favourable currency moves and a strong uptake of new users in its biggest market, Nigeria.

African Bank Investments maintained a slide triggered on Wednesday when warned it needed to raise nearly $800m after flagging an annual loss and the departure of its chief executive.

Abil, as the low-income lender is known, fell 38% to 31 cents. It briefly touched a record low of 20 cents in the previous session.

The Johannesburg market had been down for most of the day but after the release of the US data at 12:30 GMT, both indices climbed into positive territory before ending flat.

The US numbers showed productivity increased at a 2.5% annual rate after contracting at a revised 4.5% pace in the first quarter.

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Rand - Dollar
18.94
-0.2%
Rand - Pound
23.90
-0.0%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.1%
Platinum
907.85
+1.2%
Palladium
1,012.25
+1.1%
Gold
2,219.28
+1.1%
Silver
24.85
+0.8%
Brent-ruolie
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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