Modest gains in heavyweights Anglo American Plc and Sasol nudged the South African bourse into positive territory at the open on Monday.
But trade was muted as most investors took the day off ahead of Tuesday’s Heritage Day holiday. Traders also said few players wanted to take firm positions ahead of South Africa’s producer inflation data due out on Wednesday.
At 0808 GMT, the broad all-share index was up 0,3% or 30,17 points at 9,576.69.
Sasol, which supplies 40% of the country’s liquid fuels, climbed 1,03% to R118 as fears of a US-led war on Iraq was seen keeping crude oil prices strong. Sasol was the second most traded stock by deals.
”Oil stocks are in focus today,” said Eddie Monale of Legae Securities.
Market bellwether Anglo rose 1,2% to R131,40. The share — which accounts for nearly 17% of the stock market — has borne the brunt of investor concerns over a draft mining charter leaked in July.
The market will be waiting for government plans for increased black participation in the white-dominated mining sector in a new draft due by Friday.
Elsewhere platinum shares maintained their winning streak, building on Friday’s gains despite a softer metal price.
Impala Platinum trotted 2,5% higher to R615 and rival Anglo American Platinum edged up 0,3% to R346.
Implats was the top traded stock by deals.
Traders said Implats had outperformed its bigger rival Angloplat as investors piled up Implats shares ahead of the unbundling of a 46% stake by big shareholder Gencor on November 4.
”The unbundling by Gencor will give Impala a bigger freefloat. It will be more available to international investors,” said one trader. – Reuters