* U.S. jobs data Friday may set mkt tone next week
* Bargain hunting seen among hard-hit resource stocks
JOHANNESBURG, April 5 (Reuters) – South African stocks
clawed back some lost ground on Thursday, as investors bought
back shares of Kumba Iron Ore and other resource stocks
that had been hammered in the previous session.
But traders said the recovery was also tempered with
caution, ahead of a four-day Easter holiday that starts on
Friday.
“Resources have been hard hit so you would expect a bit of
bottom fishing and bargain hunting,” said Ferdi Heyneke,
portfolio manager at Afrifocus Securities.
“We might have had a better rally today if it wasn’t for
this fairly long break coming up.”
South Africa’s blue-chip Top-40 index added 1.12
percent to 29,754.87, after suffering its biggest percentage
decline since October on Wednesday when it slid 2.6 percent.
The broader All-share index bounced back 0.98
percent to 33,665.08.
Resource shares helped lead the recovery, with Kumba jumping
3.4 to 532.19 rand.
Continued…
