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Firms with offshore operations lift JSE

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Johannesburg - Stocks firmed on Tuesday, buoyed by firms with substantial sales abroad.

The benchmark JSE Top40 index was up 0.73 percent firmer at 46524.76 points, while the broader all share index gained 0.63 percent to 53257.44 points.

“The market is quite mixed and volatile in places. It’s driven just by general sentiment around the currency,” said Afrifocus Securities portfolio manager, Ferdi Heyneke.

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The Johannesburg Stock Exchange in Sandton.

Companies with substantial operations outside the country led the bourse higher, as their earnings quoted in rand stand to benefit from the weaker currency.

Food service group Bidcorp, which supplies pubs, restaurants and hotels in Europe, South America and Asia, was the biggest gainer among the blue chips, advancing 3.03 percent to end the session at R280.40.

Luxury goods maker Richemont, which sells mostly to the wealthy in the US, Europe and China, gained 2.82 percent to R108.35.

Gold shares weakened with safe haven assets such as bullion less in demand as the optimism settles after France’s presidential election first-round win for the market’s preferred candidate Macron.

Harmony Gold declined 3.45 percent to R28.80, while Sibanye Gold retreated 3.38 percent to R26.88.

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