* Top-40 rises 0.6 percent to 29,868.42
* All-share up 0.5 percent at 33,998.45
By Ed Stoddard
JOHANNESBURG, July 24 (Reuters) – South African stocks
gained over half a percent on Tuesday, clawing back some of the
previous session’s steep losses, as investors cautiously waded
back into the market ahead of a rush of corporate earnings.
Bullion heavyweights AngloGold Ashanti and Gold
Fields both maintained a technical rally mobile
operator MTN and others were lifted by investors
searching for higher dividends.
No fireworks are expected in coming days as investors
awaiting results including big banks such as Absa,
whose first-half results are out Friday, and quarterly earnings
from the big gold miners next month.
The JSE Top-40 index gained 0.63 percent to
29,868.42 and the broader All-share index added 0.54
percent to close the day at 33,998.45.
The sustainability of the rebound is unclear, with the
immediate outlook clouded by technical signals.
The Top-40’s 14-day RSI, a measure of momentum watched by
technical analysts, is in the middle of oversold and overbought
territory, meaning it is trending neutral with no clear
short-term bias in either direction.
Continued…
