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S. African stocks rally on Wednesday

Xinhua, February 2, 2017 Adjust font size:

The Johannesburg Stock Exchange (JSE) rallied on Wednesday, kicking off a new month on a relatively higher gear, in line with world markets.

The all share was up 0.6 percent to 53,104.12 points at close of session, powered primarily by resource shares that drew strength from the underlying commodity prices.

The South Africa rand was trading at R13.42 to the U.S. dollar, R16.93 to the British pound and R14.42 to the euro at 5:00 p.m. (CAT).

Gold had lost 0.51 percent to sell at 1203.75 U.S. dollars an ounce, silver had dipped 0.58 percent to 17.43 U.S. dollars an ounce, and platinum had risen 0.45 percent to 998.11 U.S. dollars an ounce. Resource shares gained 1.08 percent.

The rally in the commodity markets was partially inspired by a weaker dollar environment as markets continued to get to grips with the new U.S. Trump administration.

Individual industrial stocks buoyed the market, as did the return of African Phoenix, formerly African Bank. On the top ten gainers list was Kumba Iron Ore, its shares rose 6.27 percent to sell at R219.98.

Anglo American added 2.06 percent to R235.14 and Glencore gained 1.24 percent to R55.67.

Exxaro Resources was up 3.46 percent to R111.1 and Assore gained 4.79 percent to R290.05.

Impala Platinum rose 1.96 percent to R54.49 and Lonmin climbed 3.52 percent to R22.03.

British American Tobacco was up 0.71 percent to R82.55, with Steinhoff gaining 3.55 percent to R67.1. Endit