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JSE stocks book record close

Johannesburg - South African stocks rebounded on Tuesday after losing ground in the previous session, as investors were lured back by a spate of positive results and a global relief rally on hopes for an easing of tensions between Russia and Ukraine.

The Top-40 index ended at a record closing high of 43,064.97, up 1.14 percent.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

The wider All-share index also booked a record close, scaling almost 1 percent to 47,602.69.

Gainers included junior mining company Petmin, which added over 7 percent to 209 cents after it reported an almost 30 percent rise in headline earnings.

FirstRand, South Africa's second largest bank, rose 1.5 percent to 34.90 rand after reporting a 21 percent increase in first-half earnings.

“The results that came out were better than expected all round. But also with the batch that reported today we did not expect anything bad,” said Abri du Plessis, chief investment officer at Gryphon Asset Management.

“The rally has more to do with the calming situation between Russia and Ukraine,” he added.

World shares rebounded after Russia's president said he saw no need to use military force in the Crimea for now, remarks investors saw as intended to ease tensions with Kiev.

South African bullion producers lead the decliners, reversing Monday's strong gains as the precious metal's spot price fell in response to the easing tensions in Eastern Europe, which took the shine off its safe haven status.

Johannesburg's Gold Mining Index shed 4.16 percent.

Harmony Gold lost 4.8 percent to 33.97 rand. It earlier said a government probe into a fire at one of its mines that killed nine miners last month would take at least another four weeks.

Advancers outnumbered decliners 189 to 120 with 49 issues unchanged, according to preliminary bourse data. Turnover was average with around 188 million shares changing hands. - Reuters

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