JOHANNESBURG – Banking stocks yesterday rose on Moody’s Investors Service decision not to update its investment grade rating on the country’s sovereign debt and outlook rising more than 3 percent as the move effectively left the country at investment level with a stable outlook.
The all-share index closed the trading session up 1.15 percent at 57 109.64, with the banking sector doing the heavy lifting.
The blue-chip Top 40 index also rose 1.5 percent higher at 50 966, while the key bank index closed the session up 3.42 percent to 9 399.
Africa’s biggest bank by assets, Standard Bank, inched up 4.48 percent to R193.53, followed by the largest capitalised FirstRand at 2.92 percent to R64.80, while Nedbank rose 4.01 percent at R261.32, and Absa 4.54 percent higher at R159.
Capitec strengthened 2.52 percent to R1384.