S.Africa stocks end higher, markets brace for storm

JOHANNESBURG (Reuters) - South African stocks ended slightly higher on Monday after petrochemicals giant Sasol rose on a weaker rand and a slightly firmer crude oil price and as earnings forecasts lifted other shares.

Trade volumes, however, remained low, as traders were watching the impact of a huge and potentially damaging hurricane hitting the U.S. East Coast.

U.S. stock markets were shut in the first weather-related closure for 27 years and they may close again on Tuesday.

"Stocks like Sasol have picked up a bit due to the rand being slightly weaker and commodity prices stabilising," said Bernhard Grobler, head of stockbroking at Investec.

"But it's been very quiet today, exceptionally low volumes, largely because the American markets are closed due to the hurricane."

The benchmark JSE Top-40 index added 0.48 percent to 32,877.38, while the broader All-share index added 0.33 percent to 36,993.06.

Sasol led the gainers and ended up 2.3 percent at 377.77 rand as the local currency weakened slightly against the U.S. dollar. A weaker rand is positive for South African exporters as it lifts profits when overseas earnings are brought home.

Africa's biggest grocer Shoprite Holdings ended 1.3 percent higher at 180.25 rand after reporting a 15.6 percent jump in first-quarter sales.

Nedbank also added 0.98 percent after saying the bank was on track for double-digit earnings growth this year.

Nearly all platinum and gold stocks on the resource-heavy bourse fell into negative territory, despite an end in sight for the labour unrest that swept through the industry over the past two months.

Losers were led by Harmony Gold, down 2.7 percent to 69.28 rand, followed by diversified miner African Rainbow Minerals and the world's biggest platinum producer Anglo American Platinum, down 2.59 percent and 1.5 percent, respectively.

Trade volumes were low, with just over 109 million shares changing hands, compared with last year's daily average of 255 million shares. Decliners outnumbered advancers at 190 to 104, with 55 stocks unchanged.

Source: http://news.yahoo.com/africa-stocks-end-higher-markets-brace-storm-155627296--finance.html

honda classic news channel 5 nashville weather jason varitek andrew breitbart dead sheriff joe arpaio limbaugh