* Top-40 rises 0.83 percent to 30,159.33
* All-share up 0.64 percent at 34,808.92
By Tiisetso Motsoeneng
JOHANNESBURG, July 26 (Reuters) – South African stocks
gained for the third straight day on Thursday, adding 0.8
percent and lifted by SABMiller after the world’s
second-largest brewer beat forecasts with its quarterly beer
volumes.
Sentiment was also buoyed by a rise in global equity markets
after the European Central Bank reassured markets it would do
whatever it takes to preserve the single currency.
The JSE Top-40 index gained 0.83 percent to
30,159.33 and the broader All-share index improved 0.64
percent to 34,808.92.
“The remarks by the European central bank chief gave the
market a lot of support to push higher,” said Ferdi Heyneke, a
portfolio manager at Afrifocus Securities in Johannesburg.
“Metal prices are also pushing higher and that’s giving some of
these miners support.”
European Central Bank President Mario Draghi pledged on
Thursday to do whatever was necessary to protect the euro zone
from collapse, sending a strong signal that inflated Spanish and
Italian borrowing costs were in his sights.
SABMiller jumped 3.4 percent to 357.50 rand and
becoming the biggest contributor to the Top-40’s rise after it
beat forecasts with a 5 percent increase in beer volumes.
Continued…
