S. African Stocks Jump Most in a Month as Metals Prices Advance
June 21 (Bloomberg) --South African stocks advanced the most in almost a month, led by mining companies Anglo American Plc (AGL) and BHP Billiton Plc (BIL), as easing concern that Greece will default buoyed metals prices.
The FTSE/JSE All Share Index climbed 1.1 percent to 30,971.88 by the 5 p.m. end of trading in Johannesburg, the biggest one-day jump since May 27.
Copper rebounded from a three-week low while lead, nickel, and zinc also advanced after Luxembourg’s Prime Minister Jean- Claude Juncker indicated a solution to the crisis would be found. Greek Prime Minister George Papandreou faces a confidence vote today that may determine whether Greece becomes the first euro-area country to default.
Anglo American, the diversified mining company that makes up almost 10 percent of South Africa’s benchmark stock index, climbed the most since February, jumping 3 percent to 318 rand. BHP Billiton, the world’s largest mining company, snapped three days of losses, rising 2.4 percent to 252.90 rand.
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