* Top-40 index up 4 percent in Q1
* All-share index down 4.9 percent in Q1
* MTN falls nearly 2 percent on the day
(Adds details, traders’ comments)
JOHANNESBURG, March 30 (Reuters) – South African stocks
inched higher on Friday, booking a 4 percent gain in the first
quarter and their second quarterly rise in a row, with miners
among the top gainers during the session on higher metal prices.
But MTN Group skidded after Turkish rival Turkcell
filed a $4.2 billion suit against the mobile phone
operator, alleging it bribed officials and lobbied support for
Tehran’s nuclear programme to win an Iranian licence.
“It’s been a phenomenal quarter for most stocks with the
exception of resource stocks,” said Ferdi Heynenke, portfolio
manager at Afrifocus Securities. “But due to the fact resource
stocks are a big component of the index, the overall performance
may seem disappointing.”
The JSE Top-40 index edged up 0.12 percent to
29,603.42, ending the quarter with a 4 percent rise. The broader
All-share index added 0.21 percent to 33,554.21,
bringing gains for the quarter to 4.9 percent.
The All-share index, the broadest measure of South African
equity performance, made a strong start to the year, hitting
record highs but has since struggled to maintain the momentum
due to the weaknesses in mining stocks.
Bourse heavyweight BHP Billiton, which is largely
flat so far this year, added 0.89 percent to 233.52 rand and
rival Anglo American improved 0.72 percent to 285.10
rand, paring losses so far this year to 3.2 percent.
Continued…
