South African stocks overcome weak sentiment to end in the black
Feeble earnings by consumer foods maker Tiger Brands , auto dealer and lower output by Harmony Gold had hurt sentiment earlier in the session.
Tiger Brands shares closed 5.2 percent lower, its worst daily drop since July 2013, while Harmony's stock lost 2.7 percent after quarterly production fell 10 percent.
Kumba had flagged that total production for the three months to end-December increased by 10 percent compared with a year earlier, while total export sales also increased by 23 percent.
Africa's biggest telecoms operator MTN was the biggest gainer after adding nearly 3 percent.
About half of the Top-40 companies gained in late trade, but investors punished the rest.
"Some profit taking is coming here and you can definitely see the focus has been on the sell side," said Ryan Woods, a trader at Independent Securities, adding that the market was closely watching bigger markets like China for direction.
"We are of the opinion here that this place is due for a pull back of sorts. The market is looking somewhat expensive so on that premise we haven't been very active on the buy side."
Johannesburg's Top-40 index closed up 0.3 percent at 45,875 and the All-share added 0.2 percent to 52,105.
Activity was relatively slow with about 176 million shares traded compared to last year's daily average of 185 million shares, and 185 million companies declined while another 131 advanced.
Комментарии