JSE stocks rally most in 6 months

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

Johannesburg - South African stocks rose the most in more than six months, snapping three days of declines, as emerging-market equities rebounded from a six-week low.

The FTSE/JSE Africa All Share Index rallied 1.4 percent, the most on an intraday basis since January 29, to 51,372.79 as of 11:20 am in Johannesburg.

BHP Billiton, Richemont and Naspers, which owns stakes in Hong Kong-based Tencent and Russian Internet company Mail.ru, led the index higher.

The MSCI Emerging Markets Index gained 1.1 percent, ending a four-day loss.

US equities rallied on August 8 after Russia said warplanes ended drills near Ukraine.

Chinese financial shares jumped today on bets that subdued inflation will give policy makers room for more stimulus, while Israel and militants in the Gaza Strip agreed to an Egyptian-brokered truce.

“There’s a bit of buying in some of the mining stocks,” Ferdi Heyneke, a trader at Afrifocus Securities, said by phone from Johannesburg.

“It’s a relatively broad move. It’s difficult to say how long the rally may last” with increased volatility causing bigger swings in share prices, he said. - Bloomberg News


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