JSE stocks edge up

Comment on this story


JSEPic

INLSA

The JSE board in Sandton in Johannesburg. Photo: Leon Nicholas.

Johannesburg - South African stocks edged up on Friday, their fourth straight day of gains, with riskier assets still in demand following a broadly neutral shift in US monetary policy.

“The market is still going for risky assets. You see that as riskier assets such as Impala Platinum are really running today,” said Abri du Plessis, chief investment officer at Gryphon Asset in Cape Town.

Implats, as the world's second largest platinum producer is known, was the biggest gainer on the Top-40 index, adding around 6.1 percent to 117.79 rand.

Among top performers, documents warehousing company Metrofile climbed 5.5 percent in a technical rebound after charts suggested it had strayed into oversold territory in the previous session.

Overall, market sentiment has remained stayed upbeat after the US Federal Reserve sugar-coated Wednesday's modest cut in stimulus with a signal that interest rates were likely to stay low for longer.

This is despite the many drawbacks to the South African equities story, from high valuations when compared to emerging market peers to slow rates of economic growth.

The Top 40 index added 0.57 percent to 39,833.69.

The broader All-share index rose 0.56 percent to 44,574.25.

There were 187 advancers compared to 104 decliners with 67 issues unchanged, according to preliminary bourse data.

Around 185 million shares changed hands. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks

Business Directory