Shares of Imperial Holdings rise as investors look to increase their exposure to well-performing auto companies, driving South Africa's biggest, listed logistics group up over 2 percent.
“Ford broke out of a downward trend which has been going on for about two years, Volkswagen has been going up. There's actually an ETF on autos which has performed, which has been up for about 23 percent over the last two months,” said Ilan Arbel, a trader for Consilium Securities.
Imperial, which brings in about a quarter of its revenue from selling cars, is up 2.3 percent at 202.50 rand.
“Due to the continual demand for autos ... and looking at all those other companies Imperial is the one real company that South Africans can get exposure to that upward drive, and I think that's exactly what's driving up Imperial.” - Reuters