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Johannesburg - South African stocks gained smartly on Tuesday after stumbling in the previous session as risk appetite returned to global markets, spurred by cooperation from Ukraine's pro-Russian separatists over the downed Malaysian Airlines plane.
Resource shares led the local rebound, with Anglo American [JSE:AGL] rising 2.85% to R287.21.
Anglo shares have been buoyed by the Monday announcement that its Anglo American Platinum [JSE:AMS] unit planned to sell its underperforming Rustenburg and Union mines after it was hit by a five-month wage strike.
"We view the decision to sell Rustenburg as a positive for Anglo American as this is a significant step in transforming the platinum division into a sustainably cash positive portfolio," Barclays said in a note to clients.
Amplats shares, which rose steeply on Monday, were broadly flat.
Mid-tier platinum producer Royal Bafokeng Platinum [JSE:RBP] added over 3% after saying it expected interim headline earnings to rise over 20% because of "sustained production" and higher prices for the metals it sells, which include palladium, gold, rhodium, iridium and copper.
Electronics products manufacturer Ellies Holdings [JSE:ELI] fell almost 7% after the group said full-year earnings had dropped almost 70% in the face of weak consumer demand in South Africa's barely growing economy.
The benchmark Top 40 index rose 1.1% to 46 789 while the broader All-share added 1% to 51 931. Both indices are within easy range of life highs scaled earlier this month.
Resource shares led the local rebound, with Anglo American [JSE:AGL] rising 2.85% to R287.21.
Anglo shares have been buoyed by the Monday announcement that its Anglo American Platinum [JSE:AMS] unit planned to sell its underperforming Rustenburg and Union mines after it was hit by a five-month wage strike.
"We view the decision to sell Rustenburg as a positive for Anglo American as this is a significant step in transforming the platinum division into a sustainably cash positive portfolio," Barclays said in a note to clients.
Amplats shares, which rose steeply on Monday, were broadly flat.
Mid-tier platinum producer Royal Bafokeng Platinum [JSE:RBP] added over 3% after saying it expected interim headline earnings to rise over 20% because of "sustained production" and higher prices for the metals it sells, which include palladium, gold, rhodium, iridium and copper.
Electronics products manufacturer Ellies Holdings [JSE:ELI] fell almost 7% after the group said full-year earnings had dropped almost 70% in the face of weak consumer demand in South Africa's barely growing economy.
The benchmark Top 40 index rose 1.1% to 46 789 while the broader All-share added 1% to 51 931. Both indices are within easy range of life highs scaled earlier this month.
