JOHANNESBURG, June 6 (Reuters) – South African stocks closed
firmer on Wednesday as battle-beaten platinum mining stocks
regained some lustre and investors took cheer from an upbeat
mood on global markets.
World number three platinum miner Lonmin jumped 6.8
percent to 100.39 rand while Impala Platinum climbed
5.6 percent to 141.39 rand.
Anglo American Platinum, the world’s largest
producer of the precious metal, gained 4 percent to 510.13 rand.
The JSE Top-40 blue-chip index closed up 1.7
percent at 29,677.48 and the broader All-share index
gained 1.47 percent to 33,603.35.
Johannesburg’s platinum index, which has fallen
nearly 9 percent in the last four weeks, was 5 percent higher as
investors dug for bargains among resources stocks that have
clocked sharp losses over the last three months.
The world’s biggest miners also gained, with BHP Billiton
and Anglo American closing 3 percent higher.
“Commodities is the story of the day but it is from a
heavily oversold position,’ said PSG Securities trader Desmond
Reilly.
Most commodity prices were up fairly strongly, with platinum
rising 2 percent and silver 4 percent, fuelled by hopes of
another stimulus package for the debt-ridden eurozone.
“There will be a bit of follow-through on this for the rest
of the week barring any negative data,” Reilly said.
Continued…
