JSE stocks rally most in 6 months

Comment on this story
IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file 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

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.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines