SA stocks rebound from three-day losing streak

Banks gained, retailers on the downside.

South African stocks ended higher on Thursday, breaking a three-day losing run, with heavily weighted mining shares adding the most points to the benchmark index as metal prices recovered.

Equities have been under pressure in recent days on concerns the US could raise interest rates as early as June.

The benchmark JSE Top-40 index gained 1.04 percent to 46,303 and the broader All-share index added 0.9% to 52,240.

“On balance, the overall technical structure on the Top-40 retains a positive bias but the near term outlook still signifies a much increased likelihood of additional residual selling pressure,” brokerage house Imara SP Reidsaid in a note.

Tracking a rally in copper prices after better-than-expected lending data from China, BHP Billiton gained 1.75% to R264.30 and rival Anglo American picked up 1.38% to R199.21.

Banks also gained with FirstRand and Nedbank up 4% and 2.2%, respectively.

On the downside, retailer Woolworths was down 1.7% at R86.10 and rival Shoprite was off 1.6% at R156.

Trade on the bourse was robust with nearly 250 million shares changing hands, well above last year’s daily average of 183 million.

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