In the media

Stocks rise as gold regains some of its shine

[Moneyweb] -- South African stocks rose on Monday, led by retail and gold mining shares, as investors returned to riskier assets after a recent sell-off sparked by worries over U.S. central bank policy and a possible slowdown in China.

Top mining gainers: DRDGOLD and Sibanye Gold.

South African stocks rose on Monday, led by retail and gold mining shares, as investors returned to riskier assets after a recent sell-off sparked by worries over U.S. central bank policy and a possible slowdown in China.

Gold producers were boosted by a recovery in bullion prices, which have plummeted in the last several weeks on talk of the U.S. Federal Reserve scaling back its ultra-loose monetary policy.

Top gainers in the sector were DRDGOLD, which gained 6.06 percent to 5.60 rand. Sibanye Gold rose 5.63 percent to 7.50 rand.

The rebound extended to several sectors with big gainers including furniture retailer Steinhoff International which rose 5.22 percent to 25.80 rand. Retailer Truworths added 4.66 percent to 91 rand.

"There has been some very good buying coming through to the local stuff," Ferdi Heyneke, portfolio manager at Afrifocus Securities.

"The overseas markets are kind of saying the scampering situation that spooked the markets was overplayed."

The benchmark Top-40 index added 0.9 percent to 35,365.27. The broader All-share index also rose 0.9 percent to 39,932.83.

Shares of Pan African rose 3.14 percent to 1.97 rand after the precious metals producer poured its first gold from its Barberton Tailings Retreatment Project.

At least 169 million shares changed hands, interim bourse statistics showed. A total of 182 companies rose and another 94 fell, while 67 shares were unchanged.