* Top-40 index up 0.14 percent to 32,806.75
* All-Share up 0.12 percent to 36,995.65
JOHANNESBURG Oct 25 (Reuters) – South African stocks edged
higher on Thursday as strike-battered mining companies such as
Impala Platinum were lifted by higher commodity prices
and signs some of the country’s crippling mine stoppages may be
coming to an end.
Shares of retailers – the best performers on the index this
year – fell on concerns that recent gains may be overdone.
However, they could see some support after South Africa’s
mid-term budget did not reveal any government spending cuts.
Some equity market players had been worried South Africa
would cut back grants to the poor, which have helped underpin
consumer spending.
“The minister managed to do some smooth manoeuvering by
actually keeping the expenditure numbers unchanged from the
budgeted numbers,” Johann Rossouw, an economist at Vunani
Securities said about the Finance Minister Pravin Gordhan’s
budget.
“That should, to some extent, appease the equity market,
limit the risk from reduced government expenditure.”
The Top-40 index edged up 0.14 percent to
32,806.75. The broader All-share edged up 0.12 percent
to 36,995.65.
Continued…
