Anglo American leads South African stocks higher, rand flat

JOHANNESBURG  – South African stocks notched up solid gains on Tuesday, led by Anglo American which rose sharply in the wake of a Chinese-inspired metals rally.

Johannesburg shares of Anglo American ended 7.2 percent higher at 205.40 rand after copper climbed 1.3 percent, aided by a weaker dollar and on further signs of economic recovery in China.

Platinum hit a two-month high of $981.90 an ounce in the last session and was slightly firmer on Tuesday.

Other mining companies chalking up gains included Glencore, which was 4.45 percent higher, and BHP Billiton. Dual-listed miners such as Anglo and Glencore also got a lift from sterling weakness and the FTSE’s record run.

The benchmark Top-40 index climbed 1.6 percent to 45,019.80 while the wider All-share index added 1.35 percent to 51,740.17.

The rand was subdued, trading 0.09 percent firmer at 13.6625/dlr at 1520 GMT. In fixed income, the yield for the benchmark government bond due in 2026 was down 1 basis point at 8.785 percent.

 

Exit mobile version