South African stocks close higher

SA stocks ended a holiday-shortened session higher on Friday, gaining 0.8 percent.

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South African stocks ended a holiday-shortened session higher on Friday, gaining 0.8 percent as firmer commodity prices helped put the benchmark index at a break-even level for 2011.

The JSE Top-40 blue-chip index rose for the second straight session, finishing at 28 641.11, virtually unchanged so far this year, but on course to outperform European and Japanese equity markets, both down about 12 percent and 17 percent respectively.

The broader All-Share index was 0.7 percent higher at 32 127.25.

“I don't think the market is going to do much in the last trading days of the year. We're are likely to end the year around these levels,” said Desmond Reilly, a portfolio manager at PSG Securities said.

Gold miners topped the gainers' list, tracking a firmer bullion price. Gold Fields, the country's second-largest gold miner, was 2.96 percent higher at 130.49.

AngloGold Ashanti, the country's top gold miner, added 1.84 percent to 352.88 and smaller rival Harmony Gold improved 2.04 percent to 99.99 rand.

Gold inched higher on Friday in thin trade, taking cues from higher equities after upbeat U.S. economic data encouraged investors, although nagging concerns about the euro zone still weighed on sentiment.

Other top gainers were brewer SABMiller, up 1.63 percent to 285.62 rand and cigarette maker British American Tobacco, which advanced 1.19 percent to 383.50 rand.

Among decliners, clothing retailer Truworths retreated 2.01 percent to 74.77 rand, after rising nearly 3 percent the previous session. Food retailer Shoprite lost 0.59 percent to 134.24 rand and consumer foods maker Shoprite slipped 0.79 percent to 252.74 rand.

Volumes were thin, with preliminary data showing 60 million shares changed hands - well below the 200-day moving average of 250 million shares.

Johannesburg markets will be closed for national holidays on Monday and Tuesday. -Reuters

Source: http://www.iol.co.za/south-african-stocks-close-higher-1.1203977

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