Higher metals prices boost the bourse

The Johannesburg Stock Exchange in Sandton.

The Johannesburg Stock Exchange in Sandton.

Published Mar 14, 2017

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Johannesburg - Stocks were higher on Monday, lifted by firmer metals prices.

The benchmark JSE Top40 index was up 1.22 percent to 44846.34 points, while the broader all share index rose 1.14 percent to 51855.38 points.

Diversified miners Anglo American and BHP Billiton were both in demand as copper and base metal prices gained on positive fundamentals and supply disruptions.

Shares in Anglo American were up 3.12 percent at R191.30, while BHP Billiton advanced 1.11 percent to close at R204.81.

Gold Fields was the biggest gainer among the blue chips, rising 4.26 percent to end the session at R39.65.

Meanwhile, world stock indices advanced yesterday as investors braced for a busy week for global markets, including a potential US interest rate hike by the Federal Reserve.

MSCI’s all-country world stock index rose 0.2 percent in the afternoon.

US stocks were little changed. The Dow Jones industrial average was down 0.17 percent to 20868.22 points, the Standard & Poor’s 500 lost 0.07percent to 2370.9 points and the Nasdaq Composite added 0.15 percent to 5870.74 points.

Corporate deal-making continued as chips giant Intel said it would acquire driverless technology firm Mobileye for $15.3 billion (R201.2 billion).

REUTERS

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