SA stocks rise, led by platinum producers
JOHANNESBURG (Reuters) – South African stocks posted a second straight session of gains on Monday led by the world's top platinum mining companies, which gained as palladium hit a 13-year high.
Impala Platinum, the world's second largest platinum producer, added 2.85 percent, making it the top blue-chip performer of the day, while bigger rival Anglo American Platinum climbed 2.25 percent to 472.37 rand.
Bucking the upward trend, Capitec Bank shed almost 2.7 percent after a Moody's rating downgrade that cited concerns about the bank's exposure to risky consumer lending.
Some analysts questioned Moody's rationale, noting that Capitec was generally considered to have sounder lending practices and a better business model than its fallen rival.
The benchmark Top-40 index added 0.68 percent to 46,424 while the wider All-share index climbed 0.61 percent to 51,572.