Monday, February 19, 2007

Anglo American boosts S.African stock market

South African shares closed slightly higher on Monday, boosted by a rally in Anglo American, the bourse's most heavily weighted stock.

"Today was mainly a resources day, with industrials and financials flat," African Harvest portfolio manager Rajay Ambekar said.

The Johannesburg Top-40 index of blue-chip stocks traded 0.45 percent stronger to 24,029.73 points, while the All-share index gained 0.42 percent to 26,623.23 points.

Diversified mining group Anglo American was among the leading blue chips, up 1.80 percent to 361.73 rand. Rival miner BHP Billiton was 0.43 percent stronger, at 152.35 rand.

Steel manufacturer Mittal Steel, which is due to report results this week, was up 3.37 percent to 120.01 rand. Apart from expectations of solid results, Ambekar said the stock was further boosted by consolidation of the global steel market.

Read more at Reuters South Africa

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