* Top-40 gains 0.52 percent
* MTN, gold miners recover from heavy selling
JOHANNESBURG Jan 6 (Reuters) – South African shares
ticked higher on Friday as battered down stocks such as telecom
MTN Group and safe-haven gold miners recovered ground.
Johannesburg’s bourse also received a boost from the
positive sentiment generated by better-than-expected U.S. job
data that underpinned hopes that the world’s biggest economy is
firmly on the recovery path.
“Some of the shares were oversold yesterday and we saw them
rallying earlier this morning,” said Velele Nkosi, a dealer with
BJM Securities.
“There are still lingering concerns over European debt that
is why there was a bit of dampener yesterday.”
The Top-40 index recouped 0.52 percent to
29,209.60, after a 1 percent drop in the previous session that
was its first decline of 2012.
In its first week of trading for the year, the index rose
2.6 percent after booking a 0.6 percent decline in 2011.
The broader All-Share index rose 0.46 percent to
32,749.57.
Continued…
