South African paper producer Sappi posted 13 U.S. cents in first-quarter earnings per share, and said on Thursday it expected even better results in the second quarter, boosting its shares.
Sappi broke even in terms of profit after tex in the corresponding year-earlier period, which runs to end-December.
Shares in Sappi made the strongest gains among blue chips, racing more than 3 percent after the results were released, before paring gains to trade 2.96 percent up at 104 rand by 0724 GMT, beating a 0.71 percent increase in the Top-40 index.
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