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Stocks climb on resource giants

BHP Billiton rose 4.3% to R239.15, Glencore shares gained 2.73% to R40.57.

South African shares climbed for a second straight session on Wednesday, led by resource giants BHP Billiton and Glencore after a London-based investment bank urged investors to hold on to their shares.

BHP Billiton rose 4.3% to R239.15 after analysts from Liberum said weak iron ore prices have largely been priced into the world’s largest mining company’s shares.

Glencore shares gained 2.73% to R40.57 after Liberum upgraded the company to hold.

Anglo American snapped gains of 3.21% to R155.83, despite the bank’s analysts keeping it at “sell”.

Two of Anglo’s South African units recovered some of their heavy losses so far this year. Shares in Kumba Iron Ore rose 1.63% to R99.96, having fallen about 60% this year. Anglo American Platinum was up 2.85% at R266.17, clawing back some of its losses of more than 20% since January.

African telecommunications giant MTN was flat despite reporting a 10% decline in first-half earnings after a strike in South Africa affected its sales.

The biggest losers among the bourse’s bluechips were Nedbank and investment company Brait SE.

Nedbank, having jumped more than 5% on Tuesday on the back of a 14% rise in half-year profits, reversed its gains by dropping 4.24% to close at R259.52.

Brait fell nearly 5% to R151.70, but has still nearly doubled since the start of the year.

The JSE Top-40 index climbed 0.73% to 47,259 points and the broader All-share index added 0.64% to 52,774.

Trading volumes were high with more than 213 million shares changing hands, above last year’s daily average of 183 million.

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