* Top-40 rises 0.14 percent to 29,911.58
* All-share up 0.21 percent at 34,069.59
By Tiisetso Motsoeneng
JOHANNESBURG, July 24 (Reuters) – South African stocks ended
slightly higher on Wednesday on fresh hopes for a solution to
the euro zone debt crisis, although gains were limited by
nagging concerns about the global economy and a downbeat start
on Wall Street.
The benchmark JSE Top-40 index added 0.14 percent
to 29,911.58 and the broader All-share index gained
0.21 percent to 34,069.59.
“Economic data from Europe is not encouraging but some of
these stocks have been hit hard in recent days and that has
opened up an opportunity for bargain hunting,” Kevin Algeo, a
trader at Imara SP Reid said.
Equities worldwide gained some ground after a European
Central Bank official raised the prospect of new steps to
strengthen the euro zone’s new bailout fund. But weak economic
data from Germany and Britain capped further gains.
Truworths, South Africa’s biggest listed clothes
retailer, was the top performer of the blue-chip index, adding
3.57 percent to 98 rand, extending gains after saying full-year
profit rose as much as 17 percent.
Wireless phones group MTN Group, a top three
dividend payer on the benchmark index, climbed 2.6 percent to
147.15 rand.
Continued…
