Vodacom, MTN ride rebound train
Shares in Vodacom and MTN made solid gains in afternoon trade on the JSE, on the back of a broad based recovery on the local bourse.
By 14h00, shares in Vodacom gained R2.95 or 2.84% to R106.65, while MTN garnered R1.41 to R162.80, having come off a high of R165.74 on Wednesday (17 April).
Similarly, Vodacom had come off a high of R108.08 at the start of the week, dropping to R103.50 at on Thursday (18 April), but still some way off its 52 week range maximum of R129.88
Telkom also rebounded somewhat, adding 1.10% or 14 cents to R12.90, having lost further ground earlier in this week after the group reached an agreement with the Competition Commission to pay a fine of R449 for abusing its dominant market position between 1999 and 2004.
Resources stocks led the recovery, gaining 2.64%, while the Top 40 advanced 1.45% to 33,789 points and the All Share Index gathered 1.32% to 38,353 points having closed Thursday at 37,852 points.
The dealer said he expected the JSE to hold its position into the weekend.
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