{"id":9576,"date":"2012-04-03T03:47:17","date_gmt":"2012-04-03T01:47:17","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/s-africa-stocks-close-higher-but-mtn-tanks\/"},"modified":"2012-04-03T03:47:17","modified_gmt":"2012-04-03T01:47:17","slug":"s-africa-stocks-close-higher-but-mtn-tanks","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/s-africa-stocks-close-higher-but-mtn-tanks\/","title":{"rendered":"S.Africa stocks close higher but MTN tanks"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, April 2<\/span> (Reuters) &#8211; South African stocks<br \/>\ncruised higher on Monday as global investor sentiment was lifted<br \/>\nby an upbeat reading of business activity in U.S. manufacturing,<br \/>\nbut blue-chip heavyweight MTN fell again on concerns<br \/>\nabout a massive lawsuit.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>MTN slid 4.5 percent to 128.80 rand, extending Friday&#8217;s<br \/>\nlosses after Turkish rival Turkcell filed a $4.2<br \/>\nbillion suit against the mobile phone operator, alleging it<br \/>\nbribed officials and lobbied support for Tehran&#8217;s nuclear<br \/>\nprogramme to win an Iranian licence.<\/p>\n<p><span><\/span><\/p>\n<p>Investors were happy to pile into other heavy-weight local<br \/>\nstocks, with the JSE Top-40 index gaining 1.39 percent<br \/>\nto 30,132.52, a positive start to the second quarter after<br \/>\nending the first three months of the year 4 percent higher.<\/p>\n<p><span><\/span><\/p>\n<p>The broader All-share index added 1.25 percent to<br \/>\nfinish at 33,974.63.<\/p>\n<p><span><\/span><\/p>\n<p>Market watchers remain cautiously optimistic.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Our market has been pulled back a lot by the resources &#8211;<br \/>\nthey have pulled back our market performance. But when we<br \/>\neventually start seeing more positive data, especially out of<br \/>\nChina, I think our market will start catching up to others,&#8221;<br \/>\nsaid Byron Lotter, portfolio manager at Vestact.<\/p>\n<p><span><\/span><\/p>\n<p>Gainers on Monday included Massmart, the retailer<br \/>\nmajority-owned by Wal-Mart, which zoomed 4.4 percent<br \/>\nhigher to 160.68 rand.<\/p>\n<p><span><\/span><\/p>\n<p>South African shares caught the global wave as the Institute<br \/>\nfor Supply Management said its index of U.S. factory activity<br \/>\nrose to 53.4 from 52.4 in February, topping economists&#8217;<br \/>\nexpectations of 53.0. This lifted shares worldwide.<\/p>\n<p><span><\/span><\/p>\n<p>A higher spot gold price boosted bullion producers<br \/>\nsuch as Gold Fields, the world&#8217;s fourth largest<br \/>\nproducer of the precious metal, which climbed almost 2.50<br \/>\npercent.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG, April 2 (Reuters) &#8211; South African stocks cruised higher on Monday as global investor sentiment was lifted by an upbeat reading of business activity in U.S. manufacturing, but blue-chip heavyweight MTN fell again on concerns about a massive lawsuit. MTN slid 4.5 percent to 128.80 rand, extending Friday&#8217;s losses after Turkish rival Turkcell filed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9576","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9576"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9576\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}