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SA stocks rebound from 2015’s biggest weekly drop

Oversold short-term position encourages some bargain-hunting – Imara SP Reid.

JOHANNESBURG – South African stocks ended higher on Monday as traders chased after bargains after the main indices suffered their biggest weekly drop of the year in the previous week.

The blue-chip JSE Top-40 index was up 0.72% to 46,202 and the broader All-share index rose 0.66% at 52.139.

Both indices dropped nearly 3% last week, their biggest weekly fall since the middle of December last year amid growing views that the U.S. could raise interest rates as early as June.

“The much oversold short term position encourages some bargain-hunting, short-covering and very short-term technical improvement,” Imara SP Reid said in a note.

Financials dominated the gainers’ list on the benchmark index with Investec and Barclays Africa Group up 3.6% and 2.8% respectively.

On the downside, African Rainbow Minerals plunged 7.89% after the mining firm said first-half profit fell by more than half.

Trade was relatively slow with 173 million shares changing hands, below last year’s daily average of 183 million shares.

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