* Top-40, All-Share gain over 0.1 pct
* Telkom down over 6 pct
JOHANNESBURG, June 5 (Reuters) – South African stocks posted
modest gains on Tuesday with stronger-than-expected data on the
U.S. service sector boosting Johannesburg’s beaten-down mining
sector.
Exxaro climbed over 2 percent to 193.25 rand after
the diversified miner said it would upgrade a railway line in
the Republic of Congo to transport millions of tonnes of ore
from its recently acquired Myoko project.
“The market are still concerned about the overseas situation
but it looks like we have reached levels where there is buying
interest, especially for some mining shares that have been hit
quite hard in recent times,” said Afrifocus Securities portfolio
manager Ferdi Heyneke.
“We are moving further on the upside. It looks like we can
probably trend a bit higher there at the moment.”
The JSE Top-40 blue-chip index was up 0.12 percent
at 29,180.76 and the broader All-share index gained
0.13 percent to 33,117.85.
Johannesburg’s mining index gained over 1 percent,
its biggest intra-day gain in about a week. Platinum miners have
been hard hit by falls in the spot price for the precious metal
over the past few months.
Clover was up 2.2 percent to 13.70 rand – its
biggest intra-day gain in two months. The dairy foods maker is
acquiring a juice processor and announced on Tuesday it had
renewed an outsourcing agreement with a logistics firm.
Continued…
