Bloomberg News

South African Stocks Advance Most in a Week on Chinese Output

June 14, 2011

June 14 (Bloomberg) -- South African stocks rose the most in a week, led by commodities producers including Anglo American Plc, BHP Billiton Plc and Sasol Ltd., as China’s industrial production rose more than economists forecast.

The FTSE/JSE Africa All Share Index advanced as much as 0.8 percent,the biggest intraday gain since June 7, before trading 0.6 percent higher at 31,358.11 by 10:10 a.m. in Johannesburg.

Chinese industrial output gained 13.3 percent, exceeding a median 13.1 percent forecast while fixed-asset investments also increased. China ordered lenders to set aside more cash as reserves after inflation accelerated to 5.5 percent a year in May, the fastest rate in almost three years.

Anglo American, a diversified mining company, rallied 1.6 percent to 326.47 rand, heading for the biggest gain since May 26. BHP Billiton increased for a second day, jumping 1.5 percent to 256.24 rand.

Sasol, the world’s largest maker of automobile and jet fuel from coal, snapped two days of losses, gaining 1.6 percent to 351.46 rand. Improved market conditions, a “solid operational performance” and cost containment will benefit its operating profit in the 2011 fiscal year, Sasol said in a statement today.

--Editors: Ana Monteiro, Gavin Serkin

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus