JSE stocks rise, tracks global markets

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - South African stocks rebounded slightly on Friday, tracking global markets which were upbeat on steady US jobs growth.

Food producer Pioneer Foods shares rocketed up to 6.8 percent at 89.67 rand after it said it expected earnings for its first half to more than double.

The US labour market - which traders from Johannesburg to Jakarta track - emerged surprisingly strong from a severe winter, with employers hiring at a brisk pace and the jobless rate holding near a five-year low.

“The devil is in the details again so the market is trading up since US stock market opened,” said Abri du Plessis, chief investment officer at Gryphon Asset Management.

The benchmark Top-40 index added 0.22 percent at 43,537.43 points while the broader All-share index gained 0.24 percent at 48,347.75. Both indices remain within easy striking distance of recently-scaled record highs.

On the flipside, shares in media and e-commerce company Naspers fell on the back of negative Chinese data where its money spinner Tencent is listed.

Its shares fell 4.09 percent to 1,105.21 rand.

Traded volume was fairly active with 218 million shares changing hands, with 183 companies advancing and 120 declining while 55 were unchanged. - Reuters

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