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.<\/p>\n
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).<\/p>\n
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<\/p>\n
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.<\/p>\n
Resources stocks led the recovery, \u00a0gaining 2.64%, while the Top 40 advanced 1.45% to 33,789\u00a0points and the All Share Index gathered 1.32% to 38,353 points having closed Thursday at 37,852 points.<\/p>\n
The dealer said he expected the JSE to hold its position into the weekend.<\/p>\n
Telkom searches new lows<\/strong><\/a><\/p>\n Tech stocks tumble on broad sell-off<\/strong><\/a><\/p>\n