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Johannesburg - Hopes of a deal to avert a US debt default lifted South African shares on Friday, but gold stocks were dented as bullion's spot price sank to a three-month low.
E-commerce and media firm Naspers was one of the largest advancers. It gained 2.21% to R926.99 after Morgan Stanley raised its price target and rated it "overweight".
Gold lost some of its safe-haven appeal as the risk of a US default receded on Thursday when Republicans presented a plan to extend the nation's borrowing authority, opening a door for talks with the White House.
The spot price fell as much as 1.8% in Friday trade.
"The big story affecting South Africa is the drop in the gold price," said Greg Davies, a trader at Cratos Capital.
Johannesburg's gold mining index fell 2%. Gold Fields lost 2.4 percent while Harmony Gold was down 1.9 percent.
Johannesburg's Top-40 index gained 0.75 percent to 38 903.51 and the All-share index was up 0.69% to 43 620.57.
Steel and vanadium producer Evraz Highveld lost 2.9% after posting lower production statistics for the third quarter.
Activity picked up with investors selling more than 187 million shares, according to preliminary data. Advancers outpaced decliners 183 to 99.
E-commerce and media firm Naspers was one of the largest advancers. It gained 2.21% to R926.99 after Morgan Stanley raised its price target and rated it "overweight".
Gold lost some of its safe-haven appeal as the risk of a US default receded on Thursday when Republicans presented a plan to extend the nation's borrowing authority, opening a door for talks with the White House.
The spot price fell as much as 1.8% in Friday trade.
"The big story affecting South Africa is the drop in the gold price," said Greg Davies, a trader at Cratos Capital.
Johannesburg's gold mining index fell 2%. Gold Fields lost 2.4 percent while Harmony Gold was down 1.9 percent.
Johannesburg's Top-40 index gained 0.75 percent to 38 903.51 and the All-share index was up 0.69% to 43 620.57.
Steel and vanadium producer Evraz Highveld lost 2.9% after posting lower production statistics for the third quarter.
Activity picked up with investors selling more than 187 million shares, according to preliminary data. Advancers outpaced decliners 183 to 99.
