Thursday, 06 September 2012 21:03
JOHANNESBURG: South Africa's stocks rose 2 percent on Thursday, led by battered down miners after the European Central bank unveiled a new plan of a bond-buying program to ease the region's debt crisis, boosting sentiment.
Shares of Lonmin rose more than 5 percent after the platinum producer signed a peace deal with some unions representing workers at strike-hit Marikana mine.
"It's more of a sentiment thing, confidence in the leadership in Europe, looks like it's found and therefore the market can push higher," said Greg Davies, equities trader at Cratos Capital.
"People who've been standing on the sidelines, waiting to invest money in the market may take steps and that should bring fresh buying into our market."
The JSE Top-40 index added 2.03 percent to 31,421.82 and the broader All-share index was 1.8 percent higher at 35,674.73.
ECB President Mario Draghi said Europe's central bank would undertake unlimited, short-dated bond purchase under strict conditions to ...