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MTN shares surge on JSE

The JSE finished slightly higher on Wednesday, in what was a relatively uneventful day, ahead of the upcoming Easter weekend.

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MTN was the main talking point as it surged 5.85%, following peaceful elections in Nigeria, the company’s biggest growth market.

A strong showing from platinum counters, such as Anglo American Platinum and Impala, helped push the index up 1.75%.

However, resources and gold mining shares bucked the overall positive tone‚ ending down 1.49% and 2.37%, respectively.

By the end of the session, the All Share had gained 0.19% to 52,281.14 points.

The rand gained 1.4% against the dollar, after weaker-than-expected US data led investors to scale back their expectations of when the Federal Reserve will start hiking interest rates.

The rand reached a session high of R11.9615/$, its firmest since last Friday, making it the 3rd strongest performer in a basket of 25 emerging market currencies.

Near the end of the session, the local unit was R11.9670/$ compared with Tuesday’s close at R12.1325/$.

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