* Stocks add 0.5 percent
* Investors seen in dividend hunt
JOHANNESBURG, March 8 (Reuters) – South African shares
staged their second straight day of gains on Thursday led by
Aspen Pharmacare, as robust local results and brighter
news on the Greek front cheered investors.
All eyes on Friday will be on U.S. employment data and the
next twist in the Greek saga, with investors taking heart from
signs that Greece would complete a much-needed private debt swap
to avoid a messy default.
The benchmark blue-chip Top-40 index added 0.5
percent to 29,970.84 while the broader All-Share index
climbed an identical percentage to 33,758.62.
“The companies that have been coming out with good results
have been doing well and there is a chase for dividend yield,”
said Ferdi Heyneke, a portfolio manager at Afrifocus Securities.
Aspen, the southern hemisphere’s biggest generic drugs
maker, led blue-chip gainers, rising 2.6 percent to 109.00 rand
as positive momentum continued from Wednesday when it announced
a 22 percent spike in first-half profit.
Insurer Sanlam, which on Thursday hiked its
dividend by 13 percent despite a slight one percent dip in
full-year earnings, closed 2.6 percent higher.
Standard Bank, Africa’s biggest lender by assets,
rose 0.8 percent to 108.90 rand after it reported a 21 percent
rise in full-year profit, helped by strong performance in its
Africa business and a drop in bad debts.
Continued…
