* Top-40 rises 1 pct to 30,530.87
* All-share up 0.93 pct to 34,207.43
JOHANNESBURG Feb 13 (Reuters) – South African stocks
rose 1 percent on Monday, led by resource firms such as
diversified miner Anglo American, after Greece’s
parliament approved sweeping austerity measures that reassured
equity markets around the world.
Global stock markets sighed in collective relief after Greek
lawmakers assented to deeply unpopular austerity measures that
were required before the European country can secure a second
rescue package and the money it needs to meet debt repayments.
“Resources attracted buying interest after being sold off
heavily on Friday. We are seeing them rebounding. We are seeing
renewed buying in (the) euro which has helped underlying
commodity prices,” said Devin Shutte, a trader at brokerage
Newstrading.
The Top-40 index gained 1 percent to 30,530.87,
after last week booking its first weekly decline since the start
of 2012. The broader All-share index added 0.9 percent
to 34,207.43.
Markets are, however, still jittery as several issues are
yet to be resolved before the shadow of a messy default lifts.
“We are not out of the woods by any means yet. Regardless of
the solution that has come through, there is still a hard road
ahead for that economy. I don’t think there is a quick fix and
the markets are grappling with that,” Shutte said.
However, some local players remain bullish about the
outlook.
Continued…
