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Johannesburg - South African shares rose for the first time in five sessions on Thursday, climbing 1.3% as signs of a thaw in Washington's fiscal stalemate cheered sentiment and increased appetite for companies across the board.
Shares of Anglo Platinum jumped 4% to R416 after the president of Amcu said workers had ended an almost two-week strike at the world's largest platinum producer.
Shares across the globe have been on the back foot as US congressional Republicans refuse to pass a fiscal budget without changes to President Barack Obama's healthcare reform law.
But a leadership aide said the Republicans were considering agreeing to a short-term increase in the government's borrowing authority, keeping a possible default after October 17 at bay.
"They are beginning talks on a deal to sort it before the credit ceiling deadline and our market is reflecting that," said Thys van Zyl, a trader at 28E Capital Stockbrokers.
The Top 40 - (Tradeable) [JSE:J200] index climbed 1.33 percent to 38 614.68, its biggest percentage rise in three weeks. The All Share [JSE:J203] was up 1.27% to 43 321.36.
Auto parts maker Metair Investments rose 7.4% to R35.75 rand, becoming the biggest percentage gainer in Johannesburg after it announced a $217m deal to buy one of Turkey's largest auto battery makers, giving it access to new markets in the Middle East and Europe.
Kumba Iron Ore was one of only four companies on the benchmark index to fall, dropping 1 percent after Goldman Sachs cut its price target to R260 from R350 and rated it a "sell".
Impala Platinum received a similar rating, which drove it 0.24% lower.
Trade was slower than usual with only 143 million shares changing hands, according to preliminary bourse statistics. Two hundred companies advanced and another 94 declined, while 53 remained unchanged.
Shares of Anglo Platinum jumped 4% to R416 after the president of Amcu said workers had ended an almost two-week strike at the world's largest platinum producer.
Shares across the globe have been on the back foot as US congressional Republicans refuse to pass a fiscal budget without changes to President Barack Obama's healthcare reform law.
But a leadership aide said the Republicans were considering agreeing to a short-term increase in the government's borrowing authority, keeping a possible default after October 17 at bay.
"They are beginning talks on a deal to sort it before the credit ceiling deadline and our market is reflecting that," said Thys van Zyl, a trader at 28E Capital Stockbrokers.
The Top 40 - (Tradeable) [JSE:J200] index climbed 1.33 percent to 38 614.68, its biggest percentage rise in three weeks. The All Share [JSE:J203] was up 1.27% to 43 321.36.
Auto parts maker Metair Investments rose 7.4% to R35.75 rand, becoming the biggest percentage gainer in Johannesburg after it announced a $217m deal to buy one of Turkey's largest auto battery makers, giving it access to new markets in the Middle East and Europe.
Kumba Iron Ore was one of only four companies on the benchmark index to fall, dropping 1 percent after Goldman Sachs cut its price target to R260 from R350 and rated it a "sell".
Impala Platinum received a similar rating, which drove it 0.24% lower.
Trade was slower than usual with only 143 million shares changing hands, according to preliminary bourse statistics. Two hundred companies advanced and another 94 declined, while 53 remained unchanged.
